The Irish Economy Today: Albatross or Phoenix?

摘要

For Europe, the recent Irish experience holds out a number of lessons. 1. It is essential that banking regulation is fully effective in the future. 2. Beware of imbalances in the external payments of member states, and where imbalances in external payments are serious and growing, governments need to use fiscal policy to address the problem. 3. The fallout from unsustainable imbalances in the external payments of a member state within EMU can affect other member states adversely. As a result, mechanisms to prevent individual members of EMU from driving their economies dangerously in the future are desirable.