Mr. Eugene Sheehy:

The Taylor rule is a rule that often comes up when people are looking back and saying, "Oh, it would have been good if we had the Taylor rule". Ireland at that time was trying to promote itself, including the Irish Financial Services Centre, as a place to do business that was mainstream European and compliant with all the international standards of Basel, IFRS and everything else. I think it would have been difficult, very difficult for the Irish authorities to carve out a special case while wanting to drive in a general direction of being really pro-central European. I don't know what you would ask Mr. Trichet.