Saturday 3 December 2016

Brendan Keenan: OMG, OMT will require monitoring of fiscal fitness

Published 28/11/2013 | 16:36

Noonan under pressure
Noonan under pressure
Lord Palmerston

MICHAEL Noonan as Lord Palmerston, the 19th century British Foreign Secretary and prime minister?

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Palmerston famously remarked that only three people understood the Schleswig-Holstein question -- Prince Albert, who was dead, a German professor who had gone mad, and himself -- and he had forgotten all about it.

Mr Noonan went one better. Himself and Mario Draghi, president of the European Central Bank, understand Outright Monetary Transactions (OMT), and he has not forgotten all about it. But it is often beyond top economic brains in Ireland.

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