Oireachtas Joint and Select Committees
Wednesday, 18 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Dr. Donal Donovan:
Certainly the most extreme case. "Worst" is a word I would prefer not to use, but it is very striking and as I said in my testimony, and I am no historian of this, I cannot recall in my experience a situation where the rosy picture turned so negative in such a short period of time.
What could the IMF have done? It pushed for counter-cyclical fiscal policies but with no effect, and repeated it every year.
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