Central Bank must boldly go where it has not gone before
AN Ancient Greek dramatist could have made something of the Irish banking tragedy. The banking system failed partly - perhaps largely - because its regulators were obsessed with protecting it. (Enter Chorus).
You do not have to go back quite that far to remember the epic struggle over whether to hive bank regulation off from the Central Bank.
One old salt said he had never seen such a battle in the corridors of power. Former Bank Governor and Finance Secretary-General Maurice O'Connell is credited with achieving the umbrella link between the two bodies.