Dare we hope that some members of the Obama Administration will take note of this?
Fundamentally the Irish took a similar course to the one George Osborne announced in last week’s budget. This contrasts with the alternative view, popular in the US administration, that government’s borrowing and spending stimulus has to continue to keep the economy turning. The Irish have come out of recession during a fiscal contraction.
The Irish took the same view as Britain, that the nation’s finances have to be put in order so that the confidence needed for a sustained recovery can develop. They have now brought two years of recession to an end, and shown that it can be done. It is encouraging news and we are among those who wish them well.