The EU official who carried out one of the investigations into the Irish banking collapse, has said that nobody in Ireland or in Europe shouted 'stop'.
The head of the European bailout fund, Klaus Regling, said Ireland had all of the tools needed to stop the property bubble years ago, but did not use them.
Mr Regling said a new European Systemic Risk Board will be able to pick up problems as they emerge in the future, and tell national regulators to deal with them.
Mr Regling is head of the European Financial Stability Facility, which is lending Ireland €17.5bn at just over 6% interest.
Today, describing the new European bank regulation agencies that are being set up to stop future problems, he said if they existed earlier they could have told the Irish authorities there was a problem with the housing market, and the Irish authorities could have used the powers they always had to do something about it.