The new "Framework for Junior Cycle" (DES. 2012. "A Framework for Junior Cycle." Dublin: Stationery Office) in Ireland aimed to introduce short courses and develop key skills but the proposed phasing out of the Junior Certificate examinations resulted in widespread controversy. Drawing on policy documents and related research, this paper takes a critical realist approach, using Robertson and Dale's (2015. "Towards a 'Critical Cultural Political Economy' Account of the Globalising of Education." "Globalisation, Societies and Education" 13 (1): 149-170) Critical Cultural Political Economy of Education theoretical framework, to critically analyse the three stated rationales underpinning the reform: research, consultations and Ireland's PISA scores. A further fourth rationale is then put forward: Ireland's financial collapse in 2008 and the resulting concentration on a neo-liberal discourse of 'efficiency' and 'competitiveness' stemming from wider global education policy. The paper poses the critical question: was improving students' learning experience the real driver behind the reform or was the removal of the state exams more about reducing costs than augmenting learning outcomes? The paper concludes that education policy cannot be separated from other public policy as both have become increasingly entwined with overarching neo-liberal objectives. It argues the 'not-so-stated' rationale of the financial collapse played an important role in the formulation of the Junior Cycle reforms and will continue to impact educational policy in Ireland.