The Global Marketplace: Ireland was a fantastic experience, not only because helped me to learn more about the Irish culture and create a bond with my schoolmates, but also because it gave me the possibility to learn more about the economic situation in a foreign country and how issues are faced in another part of the world.

A great example of these experience is the visit at Bank of Ireland, the main bank in the country. This visit consisted in a meeting with an Investor Manager that explained to us the past and current situation of the Irish banking system and the future goals of Bank of Ireland.

Before reaching Ireland, I didn’t know much about the local economy, and my idea was that much of the economic strength of Ireland was related to the British market, mainly for the geographical proximity; thanks to the speaker I learned that most of the growth that Ireland had, came from big investments of US tech giants that, thanks to tax incentives, considered Ireland the best port of entry in the European market. 
This influx of capital generated wealth and a boom in the real estate market that led to the “Celtic Tiger”, a name that summarize a drastic increase in the house prices and till 2007 an increase of approved mortgages for Irish people. In a first glance that seamed a good thing but after the global crisis of 2008 led Irish economy and the bank system to a dangerous spiral close to a collapse.

Fortunately bank of Ireland with mergers and acquisitions and with a strong position in the Irish economy was able to face the crash of the mortgage system and slowly but steadily was able to cover the big hole created by the crisis and almost reach the of pre-crisis health status. 

Because one of my MBA concentrations is Finance, this experience was perfect for me to understand the causes and effects of economic events and see how some positive events, if not well addressed, could create problems and can be considered dangerous for the economy of a country.

In addition to my professional improvements, this experience as a whole gave me the possibility to learn more about the Irish people, their passion for traditions not only related to the Catholic influence but also to the Celtic/Vikings heritages that are visible in all the cities and that people want to maintain alive.

The visits in rural areas gave me the possibility to see unforgettable views of the cliffs and of the green landscapes, typical of Ireland; the local music is unique and the seafood in its simplicity was excellent, but being there I was able to burst the myth that Irish people are red haired, and in fact you can find a big diversity of people that probably is the main cause of the big growth of the country and is a testament of the fact that Ireland is one of the top places to live nowadays. 

Edilio Gennari
Global Marketplace: Ireland
Summer 2019