John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Professor Connor referenced Iceland, which did have its own currency. Previous witnesses, including Professor John FitzGerald in particular, have noted that Latvia and Estonia had property bubbles similar in nature to Ireland but were outside EMU. What was the difference in those countries, which were European Union members but not members of EMU at that time? Why did they have the same type of property bubble we had?