Irish Green Shoots?
Could it be that Ireland has passed through the worst of the storm? Writig in the Financial Times yesterday David Vines and Max Watson argue that maybe, just maybe, it has. [T]he first and most important thing about Ireland is that it is swiftly restoring its competitive edge. Indeed it is moving rapidly towards a sizeable current account surplus – in a range of 3 to 4 per cent of gross domestic product. Of course, recession has also played a role in turning external accounts around, but a steady uptrend in exports has been underway for some time. The second element is that Ireland’s net public debt will probably peak