I agree completely that it was oversight failure. Ireland could not adjust interest rates because these are set for the EU as a whole and so the rate is driven by the larger economies. Our politicians were also weak. Adjustments to the stamp duty regime could have slowed the market...
What happened in Ireland:
Cheap credit available on very easy terms for a prolonged period of time (EU membership = German banks seeking margin lending money to Irish market) combined with genuine economic growth (due to liberalisation of economy + educated workforce + EU membership +...
