Document Type

Lessons Learned

JEL Codes

G01, G28


Patrick Honohan, an economist, was governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank (ECB) from September 2009 until November 2015. Early in his tenure, he led a team that investigated the causes of the Irish banking crisis that broke out in 2008 during the Global Financial Crisis. Resolving the problems of bank failure and over-indebtedness that emerged in that crisis dominated his term of office. In late 2010, Ireland had to request financial assistance from the “troika” of the International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB). The resulting EUR 85 billion (USD 122 billion) rescue program helped stabilize the economy, which returned to growth after 2012. This Lessons Learned is based on an interview conducted with Honohan in February 2021.

Date Revised