Saturday 10 December 2016

Draghi's monetary magic will have little impact on Ireland's economy

Irish growth is strong, but not stellar. Europe's languishing economy is the biggest threat and needs to be revived

Published 13/03/2016 | 02:30

Mario Draghi, President of the European Central Bank (ECB) Photo: AFP/Getty Images
Mario Draghi, President of the European Central Bank (ECB) Photo: AFP/Getty Images

Last Thursday was an eventful day, and that was quite apart from the convening of the 32nd Dail. In the morning, the State's statisticians revealed - to the wonderment of the world - that the Irish economy grew at a jaw-dropping 8pc last year. A couple of hours later Mario Draghi, speaking from his skyscraper eyrie in Frankfurt, announced that the European Central Bank would dabble in even more alchemy-like activity, all in the hope of stimulating a European economy which causes glumness across the planet by hardly growing at all.

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Ireland's unbelievable growth and Draghi's latest actions leave many people scratching their heads. There is very good reason to be perplexed.

For any economy, at any time, anywhere in the world to grow by 8pc in a single year is unusual. For a European economy to do so these days is pretty much unheard of.

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