Ivan Yates:From austerity to prosperity if we nail down all those promises
Welcome to our brave new world of December 16. Instead of a four-year national economic plan of austerity, say hello to a six-year national plan for prosperity. Austerity was a two-sided coin. In the dual forms of sucking €30bn out of the economy through increased taxation and spending cuts, and separately paying down private personal debts of €160bn to lending institutions, Ireland now has the lowest level of investment in an OECD economy. The austerity mantra will be replaced by a call to action on investment.
The next big idea will be to attract and stimulate investment in all our productive industrial/economic sectors and infrastructure.
The primary cause of the crash was a 25pc year-on-year increase in euro credit after full accession to the single currency in 2002. This credit bubble over-inflated asset values and created unsustainable levels of economic activity. Despite eurozone banking culpability, they are still not prepared to provide formal aftercare for the economic orphans that they have created.
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