Justin O'Brien of the CLMR at the University of New South Wales discusses how the interlinked corporate regulatory and political failures in Ireland has produced a seismic shift in the political landscape. The new Irish Taoiseach (Prime Minister), Enda Kenny, noted in his inaugural speech that `for Ireland this current crisis is the darkest hour before the dawn. Together and for our country let us believe in our future. For Ireland and for each other, let us lift up our heads, turn our faces to the sun and hang out our brightest colours. This is the first day of a journey to a better future." The challenges facing the new coalition government are profound. The new program of government is strong on rhetoric and weak on detail. The government`s room to renegotiate is limited as Ireland embarks on an age of austerity and the banking crisis continues to dominate discussions over the future of the European Union. What options does Ireland have and can it save itself without destroying the Euro? This talk uses the Irish experience to shed light on the dynamics of financial regulation.