"Then again, there is no way a small economy like Ireland could now borrow at near 0% if we had our own currency."

Not true. A government with a sovereign fiat currency can always set the lower bound of interest rate on the bonds it sells through the actions of its treasury and central banks. Granted the larger the economy of a country the more this is true. This is because the country can always create the money to pay interest or to redeem the bonds - however much this might offend the sensibilities of the more conservative.

Also, such a government can always purchase any good or service for sale in its state. Provided this ability is not used frivolously it will not produce inflation. It is only necessary that value be received for such purchases. This could, for instance, include housing projects financed by the state.

Sadly, these abilities are not available to the members of the EuroZone. But German courts have just declared war on the rest of the Eurozone.

"It is not necessary to have hope in order to persevere."