Monday 23 January 2017

This was a red-letter day but our recovery is in the balance

Published 05/09/2014 | 02:30

Mario Draghi
Mario Draghi

IT would be fascinating to know how Ireland's man at the European Central Bank voted yesterday and what went through his mind. The vote is secret for now so we won't know but we can guess. Like other governors, Patrick Honohan has taken an oath to consider the fortunes of the euro zone as a whole so he probably voted in favour of the stimulus package.

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Still, he almost certainly felt queasy about the possible dangers for Ireland of a €500bn programme of asset purchases.

The good news is that exports will boom. The bad news is that savers and those trying to buy houses are probably in for an even rougher ride than recently.

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