Anglo - an ECB problem?

Isn't Anglo ultimately regulated by the ECB? Why can't the government just tell the EU that this is a European issue and leave them deal with it. Fair enough if we're borrowing to pay the teachers, that's our problem but surely the banking crisis is a European problem? Thoughts..

Anglo is an Irish problem that we have inflicted on Europe. They were regulated by us, not the ECB. And Chris before you start, don't start going down the road of saying it is all the fault of Central Banks!

Sunny said:

Anglo is an Irish problem that we have inflicted on Europe. They were regulated by us, not the ECB. And Chris before you start, don't start going down the road of saying it is all the fault of Central Banks!

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No, I agree that Anglo is an Irish problem; well at least it was made an Irish problem. It originally was a bond holder and investor problem, that was transferred to the Irish state. Whether it will be taken on by Europe is to be seen.
NB: My gripe with central banks is that they are at the root of the overall banking/credit crisis, not the problems of individual banks.

Yes I agree although I would add in the financial regulator into that blame. They both have the ultimate responsibility over the banks.

The individual banks and people like Sean Fitzpatrick etc were playing within the rules.

However, having said that do you think we would have responded well to the regulators or central bank coming in and stopping the party during the celtic tiger?

aristotle said:

However, having said that do you think we would have responded well to the regulators or central bank coming in and stopping the party during the celtic tiger?

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Very good point, and to my knowledge and memory there was not a single politician in this country that advocated a U-turn on monetary or fiscal policy.

Chris said:

Very good point, and to my knowledge and memory there was not a single politician in this country that advocated a U-turn on monetary or fiscal policy.

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It would have required real leadership. Alas we don't have that. It was always easier to throw money at various problems.

aristotle said:

It would have required real leadership. Alas we don't have that. It was always easier to throw money at various problems.

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I'm not sure that any leadership would have been able or willing to do it. The general public love artificial boom times and loath the inevitable recessions. Politicians claim responsibility for the booms and blame capitalism for the bust and the public believes this. Politics is nowadays a carreer and the only way you continue in politics is by saying what the public wants to hear and promise the boom.
Until the public comes to realise that governments are responsible for creating artificial bubble booms and that the recession is the cure not the problem. I don't think you will have any politician advocate otherwise.