In a broad-ranging speech that sought to dispel some "myths" associated with Ireland's financial crisis - Governor of the Central Bank, Patrick Honohan has said that euro zone membership added to Ireland's problems, but it did not cause them.

The passage reads: "To be sure, the euro contributed some fuel to the fire in the form of low interest rates (that encouraged borrowing) and the removal of exchange risk on cross-border borrowing by Irish banks. But the euro was not an essential ingredient in the bubble."

He points to the fact that several European countries like Iceland found themselves in similar situations.

Mr Honohan continues: "Nothing in the euro regime prevented Irish regulatory and fiscal policy from moderating this boom."

Speaking at the INET Annual Conference in Paris he said that when the crash happened, "ECB liquidity support" was provided - instead of the "chaotic currency depreciation" that would have "been the inevitable consequence had Ireland been outside the euro area."

But he adds that monetary independence, and the ability to devalue the country's currency, would have "helped [to] boost the country’s international competitiveness more quickly."

In his concluding statements the Governor said that "some steps were taken for the sake of avoiding spillovers" and contagion - and that these policies were "not specifically in the interest of Ireland."

The Central Bank has posted the full speech on its website.