Wednesday 26 July 2017

Stakes are high but we are not alone in crisis

We must not allow past problems or future difficulties to deter us from restoring Ireland to growth, says Willie O'Dea

Whether it was the protests in France at the increased retirement age or the axing in the UK of almost a half a million public sector jobs, events last week reminded us that Ireland is not alone in facing tough decisions.

True: while the problems faced by those in the United Kingdom and France are not as bad as the ones we face here at home, the nature is the same, as is the basic unifying cause: the collapse of the global credit system. It is confirmation that countries across Europe, indeed the world, are intensifying efforts to reduce their budget deficits and restore order to their finances.

It is also interesting to note how many of these countries see 2014 as the optimum target date to restore their economies and to address the structural deficits exposed by the global slump.

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