ECB says Irish policymakers to blame for economic crash

ECB says Irish policymakers to blame for economic crash: "The European Central Bank (ECB) has issued a forthright defence of its actions in the course of Ireland’s bailout, saying domestic figures were responsible for the unsound policies which led to the crash.
In a six-page paper published as the ECB released key correspondence from 2010 with the late Brian Lenihan, the Frankfurt-based institution said Ireland was not “pushed” into the bailout programme by a letter from its then chief Jean-Claude Trichet.
Citing the 2008 banking guarantee and other Irish decisions, the ECB said it was the very scale of the domestic crisis that made it necessary for Ireland to apply for an EU-IMF adjustment programme.
‘Inadequate policies’
“While it is understandable that Irish citizens feel acutely aggrieved by the legacy of the crisis, it was domestic policymakers who were responsible for the inadequate policies relating to banking supervision, public finances and the loss of competitiveness.”"



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