When we say that someone is one of Ireland’s leading economists, we probably mean they have written a few good papers and perhaps made a splash at a conference or two. In Patrick Honohan’s case, that phrase does not come close to doing justice. He is, quite simply, a towering figure in Irish economic thinking – one whose influence has extended far beyond our shores, shaping policy at the highest levels, both nationally and internationally.
For decades, Professor Patrick Honohan has been the intellectual compass of Irish economic policy. His work has illuminated the most complex corners of monetary theory, banking regulation and financial development. His publications have not only guided policymakers but also helped generations of students and scholars to understand the intricacies of modern finance.
Patrick Honohan graduated with a BA in Economics and Mathematics from University College Dublin in 1971. He worked briefly with the International Monetary Fund before completing an MA in Economics at his alma mater in 1973. He continued his postgraduate studies at the London School of Economics, where he received an MSc in Econometrics and Mathematical Economics in 1974 and a PhD in Economics in 1978. He joined the staff of the Central Bank of Ireland while completing his PhD.  
In the 1980s, as part of his role as economic advisor to Taoiseach Garret FitzGerald, Patrick Honohan worked on income tax and social welfare, the restructuring of failing state-owned enterprises, legislative reform for building societies, the governance of national statistics provision and the devaluation of the Irish pound.
While Professor Honohan has taught at some of the world’s most prestigious institutions, including the London School of Economics, University of California and Trinity College Dublin – where he currently serves as Honorary Professor of Economics – his influence has never been confined to the lecture hall. His international reputation was cemented during his time as senior advisor at the World Bank, where he led financial sector assessments in countries as diverse as China, Vietnam, Egypt, Iran and Tanzania. He helped design the Financial Sector Assessment Program – a joint initiative between the World Bank and the International Monetary Fund – which became a cornerstone of global financial oversight.
Before returning to the World Bank in 1998, Patrick Honohan spent seven years as a research professor at Ireland's Economic and Social Research Institute. During his time at the ESRI, he didn’t just crunch numbers but reshaped how Ireland thought about them. From dissecting the invisible workings of multinational manufacturing to evaluating the impact of EU structural funds, his research was as rigorous as it was relevant and contributed to influencing Irish economic policy across several decades. More recently, he co-authored a seminal work – Europe and the Transformation of the Irish Economy – which analyses the economic impact of Ireland’s EU membership over the last five decades. His ongoing research with the Peterson Institute for International Economics in Washington, DC continues to shape global conversations on crisis preparedness, financial stability, monetary governance, and the ever-evolving role of central banks in a post-crisis world. Not surprisingly, he was elected a member of the Royal Irish Academy in 2002.
Perhaps the most defining chapter of Professor Honohan’s career began in September 2009, when he was appointed Governor of the Central Bank of Ireland just as the country was entering the most severe financial crisis in its history. The banking system was, to put it mildly, in freefall. Public trust had evaporated, and Ireland’s international financial reputation was in tatters. Into this storm stepped Patrick Honohan – calm, principled and armed with a PhD, a steady hand, and a deep sense of public duty. He played a pivotal role in negotiating Ireland’s emergency bailout from the Troika – the European Commission, European Central Bank and International Monetary Fund – and led a radical overhaul of the domestic banking sector. His leadership helped restore stability to a system that had been teetering on the edge. His 2010 report on the crisis to the Minister for Finance remains a landmark in transparency and accountability – a document that did not just explain what went wrong but laid out a path to recovery.
As Ireland’s representative on the Governing Council of the European Central Bank from 2009 to 2015, Patrick Honohan contributed to shaping the eurozone’s response to the financial crisis. His influence helped secure a more favourable outcome for Ireland’s debt burden, and his steady presence helped restore confidence both at home and abroad.
Throughout his career, Patrick Honohan has exemplified the highest standards of personal and professional integrity. He is known for his independence, his clarity of thought and his ability to explain complex economic phenomena with precision. However, beyond the numbers, the policy papers and the meetings, what truly sets Professor Honohan apart is his unwavering commitment to the public good. He has never sought the spotlight but has always stepped forward when his country needed him most. He has shown that economics, at its best, is not just about models and markets – it is about people and the institutions that serve them.
As one of the most outstanding Irish economists of his – or, indeed, any – generation, Patrick Honohan has acquired over many decades a well-deserved international reputation in the field of monetary and banking issues. We honour him today not just as an economist but as a distinguished academic, a statesman, a scholar, a leader – a man whose intellect has guided nations, whose integrity has inspired colleagues, and whose legacy as a true architect of Ireland’s economic resilience will endure for many years to come.
Chancellor, I present to you Patrick Honohan and ask that you confer upon him the honorary degree of Doctor of Economic Science.