Saturday 23 September 2017

Pan-European investment plan is needed to kick-start growth

IT was said, perhaps apocryphally, that Liam Cosgrave, when Taoiseach, would inquire what was the favourite whiskey in a particular constituency; and would ask for that brand when on a visit – thereby impressing the locals with his taste and discernment.

On a somewhat grander scale, the president of the European Central Bank Mario Draghi set about impressing the locals in a recent speech at the Catholic Academy in Bavaria.

He started with the Catholic bit: after all, ex-Pope Benedict is a Bavarian. It was part of Catholic social doctrine, he said, to be against an economic model "that allows excesses to go uncorrected, which relies exclusively on self-regulation of markets, and in which individuals believe that 'anything goes'."

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