One of a series of policy leaflets from the Labour Party 1997 Election campaign. This Leaflet 6 focuses on “Regulation and The Economy”.
Needless to say the following paragraphs stand out.
“There is a special need for regulation for banks … The banking system is vital to the working of economic life in the country.
The Central Bank is the regulator for these businesses.
Any bank would have to close down if everyone who has a deposit with it asked for their money back at the same time. It is up to the Central Bank to make sure that banks and building societies are run carefully and prudently. It is the only way to make sure that people have confidence in the banking system and are happy to leave their money in the custody of the banks.
A modern economy cannot work with just paper money. It has to have a developed banking system. It is as important as electricity to a society like ours. Therefore the first task of the Central Bank is to make sure that the banking system never breaks down.”
“We have a social market economy in Ireland. History has shown us that a market economy is the way to provide employment and prosperity to a society.
But experience also tells us that it is essential that the market is accompanied by well-developed public services. it is also essential, not least tor the proper functioning of the market itself, that business is constrained by appropriate regulation.
Market forces acting on their own can be destructive and damage the interests of workers, commerce and society in general. That is why a well- regulated economy, which protects, by law, the interests of all the citizens is essential to our society. Economic justice and equality is not possible without it.”
Irish Election Literature 
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