Michael Burke: The Irish economy has ‘turned the corner’ so often now that it must be back where it started. The latest commentators to identify the beginnings of a recovery are professors David Vines and Max Watson.
The article originally appeared in the Financial Times and is reproduced in the Irish Times, ever anxious to find green shoots of recovery. The authors make a striking claim, that “an Irish success story of the kind we think is under way will come to be seen as a crucial trump card for the euro zone debt strategy. It gives the lie to fears about a generalised transfer union.”
The authors may have underplayed the significance of the success story. This economy is beginning to look like a world leader, not just in the Euro zone. In the graphic below from The Economist, this is what the trump card looks like.