Tuesday July 14, 2020

Michael Brennan: The fine line between influence and interference

There is an unseen hand of political pressure behind Central Bank governor Philip Lane’s moves

Michael Brennan

Political Editor

27th November, 2016
Michael Noonan rejected Stephen Donnelly’s proposal to help people with big rental tax bills

There has always been a question mark about the ability of politicians to interfere with the workings of the Central Bank.

During the Celtic Tiger years, the Central Bank miserably failed to curb the explosive growth in property prices. Rather than challenging the Bertie Ahern-led governments of the day, it stuck with the famous theory that there would be a “soft landing” rather than a crash.

That was why former Central Bank governor...

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