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Interest rates and inflation where anything up to 15% in the days Ireland had its own currency and our central bank didn't have the resources to fend of multi-billion currency speculators. One of the main reasons for the celtic tiger was currency stability and low interest rates.
However there is a perception that formerly very cheap countries like Ireland, spain and Greece have caught up with formerly expensive countries - which I think is true - but that is due to their rapid growth - not the Euro per se - although perhaps indirectly, in that the Euro also helped the rapid growth.
What people forget is that most incomes - aside perhaps from some pensioners - have increased even more.
"It's a mystery to me - the game commences, For the usual fee - plus expenses, Confidential information - it's in my diary..."
One of the main reasons for the celtic tiger was currency stability and low interest rates.
Austerity can only be implemented in the shadow of a concentration camp.
The difference between median and mean is a hobby horse of mine. It is not self-evident that half the population is below average in any given statistic. Bill Gates walks into a bar and all that... And this is a case of what you don't know being able to hurt you - and hurt you badly - because it means that people can pass off means where they should be using medians. Such as when describing incomes across different countries...
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
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