Saturday 3 December 2016

Flannery was right, the government fight back must begin

Brian Hayes

Published 30/07/2014 | 02:30

Michael Noonan
Michael Noonan

I remember Michael Noonan telling me once that Europe is a bit like the Mississippi, in that it just keeps rolling along. Decisions take time in Europe and sometimes you just have to wait and pick your moments.

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As a country we've has to pick our way through the last five years with a constant re negotiation with those who bailed us out. Trying at every remove to improve terms and conditions that were badly negotiated and badly imposed at the end of 2010. That's why the latest idea to refinance part of the IMF loan, with EU agreement, is just another clever move from a Finance minister who understands better then most how the Mississippi works.

In the last 48 hours it's been good news all round and the prospect that the adjustment for the 2015 budget will be lower then € 2billion euro. But by the far the most important news for a small open economy like Ireland, is that the UK is doing really well and the Germans are at last considering wage price inflation.

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