Re: Regulation is badly needed - Steps: 1-3
Well, to be fair to the Irish government, if the Germans, French and Belgians hadn't buttfucked Ireland financially back in 2010 by insisting that no bank go under (Anglo Irish, being a good example) and insisting that the Irish government cover *all* of the bank-debts (the risk of contagion they wailed), the Irish government wouldn't have had to borrow €400 billion to bail out the banks.
If the market had been allowed to play out its course after 2008, all of the bad banks would have gone bust (not just in Ireland, but across Europe too) and the Irish would've had a considerably smaller debt.
As a consequence, the Irish government would now have more money and would be able to fund her regulators properly. Because of her EU partners, Ireland is beholden to the large U.S. multi-nationals. This problem has been created by the EU and it can be solved by the EU. The Irish are caught between a rock and hard place.