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Jan 27, 2025 | 
centralbanking.com | Patrick Honohan |Christopher Jeffery |Daniel Hinge |Daniel Blackburn
Tweet Facebook LinkedIn Save this article Send to Print this page Now that central banks have cautiously been declaring victory over inflation, it may be an appropriate moment to ask whether they are well-prepared to deal with the next financial crisis. Of course, they – together with other financial authorities – work hard to avoid financial crises. But, in any country, sooner or later, there will be one.
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Dec 15, 2024 | 
irishtimes.com | Patrick Honohan
No European country is more exposed to the sheer unpredictability of the next US administration’s policy demarches than is Ireland. The flow of corporation and personal income tax payments from the many large US multinational companies located here that have so strengthened the public finances could well be blocked by tax or tariff measures adopted in Washington.
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Nov 26, 2024 | 
piie.com | Patrick Honohan |Stephen Cecchetti |Nicolas Véron
The Central Bank as Crisis Manager focuses on how the world's central banks have confronted crisis after crisis in recent years—both before and since the global financial crisis. Yet many of these events seem to take central banks by surprise.
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Nov 18, 2024 | 
piie.com | Nicolas Véron |Patrick Honohan
In the early 2010s, under the leadership of its then chair Stefan Ingves, the Basel Committee on Banking Supervision initiated a program of assessment of the consistency of individual jurisdictions' prudential regulation with its own standards. This session of Financial Statements focuses on the experience of this program, which has been innovative for a global financial standard-setter, and on the outlook for its future iterations.
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Sep 22, 2024 | 
irishtimes.com | Patrick Honohan
Irony and paradox are to the fore as the outcome of the Apple billions saga reopens old questions about fiscal policy. For years multinationals – mainly American – have sought to route as much as possible of their global profits through an Irish subsidiary. This was to ensure that they could pay at Ireland’s 12.5 per cent profits tax rate, lower than rates in other countries where they operated.
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Sep 16, 2024 | 
economicsobservatory.com | Patrick Honohan
Thirteen years ago, the Irish economy was on the rocks. Unemployment had soared from below 5% in 2007 to almost 16% by 2011. At the same time, net emigration was running at about 0.6% of the population per annum and the Irish government’s debt had quadrupled to reach 135% of gross national product (GNP).
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Jun 15, 2024 | 
irishtimes.com | Patrick Honohan
It’s a moment to take stock of the surge of inflation that swept through Europe and the United States following the pandemic. For one thing, the main central banks on both sides of the Atlantic expect price rises in 2024 to be close to their target of 2 per cent. Borrowers will have heaved a sigh of relief last week when the European Central Bank at last lowered its policy interest rates slightly after 10 successive increases since mid-2022.
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May 28, 2024 | 
piie.com | Patrick Honohan
For most of the decade before the COVID-19 pandemic, undershooting rather than overshooting had been the main inflation problem of the European Central Bank (ECB). During 2020, consumer prices in the euro area were falling; by the end of that year, average inflation since the introduction of the euro two decades earlier stood at only 1.6 percent per year. Things began to snowball in 2021. The 12-month inflation rate steadily accelerated.
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Aug 3, 2023 | 
piie.com | Patrick Honohan
Central banks are under more political scrutiny now than at any time in the past half century. Many observers worry that their independence—which is vital if monetary policy decisions are to be made with sufficient attention to the long term and central banks are to be able to restore and maintain price stability—could be a casualty of the growing political dissatisfaction with the scale and persistence of inflation.
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May 24, 2023 | 
cambridge.org | John Fitzgerald |Patrick Honohan
Published online by Cambridge University Press: Summary Having stagnated for decades in the shadow of the UK, the Irish economy's performance improved after it joined the European Union (EEC) in 1973. This Element shows how the challenge of EU membership gave focus and direction to Irish economic policy. No longer dependent on low value-added agricultural exports to Britain, within the EU Ireland became a hub for multinational corporations in IT and pharmaceutical products.
