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Briefing

Ireland: Fiscal Policy

Appears in: Europe, Geostrategy, Macroeconomy, Eurozone, Ireland, Fiscal Policy, Foreign and Domestic Political Risk, Growth Outlook and Business Cycle, Monetary Policy and Inflation, Real Estate

Critical Issues

Background:

Ireland became the poster child for deficit hawks during first phase of the financial crisis, with the European Commission saying at one point that Ireland's public finances provided a good example of fiscal policies being conducted in compliance with the EU Stability and Growth Pact. (The EU Stability and Growth Pact requires an annual budget deficit no higher than 3% of GDP (including the sum of all public budgets), and a national debt lower than 60% of GDP.)  Since the implementation of austerity measures, public-sector salaries have fallen by an average of 13% and selective taxes have been increased. Meanwhile, Irish citizens have been forced to tighten their belts and adjust to hard times.

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Associated Readings

Analysis IMF Jul 16, 2010 Ireland: 2010 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion Research Dec 01, 2010 The National Recovery Plan News Financial Times John Murray Brown And David Oakley Jul 02, 2009 Moody’s downgrades Irish debt Analysis IMF Jun 26, 2009 IMF Executive Board Concludes 2009 Article IV Consultation with Ireland Opinions FT Jun 08, 2009 Ireland treads a fine line on bad banks News Wall Street Journal Sara Schaefer Muñoz Jun 01, 2009 Analysis Deutsche Bank Research Sebastian Becker Mar 10, 2009 Irish patient has to swallow the bitter medicine of correcting past exuberance Analysis Davy Research Feb 17, 2009 Irish banking liabilities - True figure is just over 300% of GDP, one-third of bogus ratio being quoted Analysis BNP Paribas Luigi Speranza and Eoin O’Callaghan et al Apr 08, 2009 To the Rescue: Ireland Announces Eurozone's First 'Bad Bank' Plan Analysis Financial Times John Murray Brown Apr 07, 2009 Irish bank debt plan a first for Europe Analysis Economist Intelligence Unit Feb 13, 2009 Analysis Spiegel online Jan 30, 2009 Can Countries Really Go Bankrupt? Nothing is unimaginable anymore Blogs Alphaville Jun 08, 2009 Ireland downgraded - again Blogs Irish Economy Karl Whelan and From today’s Sunday Times: Jun 08, 2009 Why is Anglo So Costly for the Taxpayer? News Bloomberg Ian Guider Jun 08, 2009 Ireland Debt Rating Downgraded Again by Standard & Poor’s

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