Oireachtas Joint and Select Committees
Thursday, 10 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Marco Buti:
I think so. Yes, I think so. I mean, I am looking now, obviously, with an exercise of what economists call comparative statics. I mean, I look at the situation of the time, I look where we stand now. And with the situation that we have, both in the economic and financial system at the time for Ireland and considering the very large risks which were there at the time, adding a potential source of uncertainty, further uncertainty, I think would have been unwise. I have to say that this was the view of the Commission. The ECB, let's say, channelled this view in a very powerful manner, but it was also the view of many other stakeholders at the international level. For instance, the ... when we ... even taking the IMF debate into account - we know that Mr. Chopra indicated that the review of IMF was that there was not that view at the IMF board level, which includes, let's say, the older stakeholders at the national level. Some of the very, let's say, powerful stakeholders made their view known.
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