Good news -- and bad
Published 18/08/2011 | 08:30
First the good news. Ireland has by far the lowest inflation in the 17-nation eurozone. Now for the bad news. Ireland has by far the lowest inflation in the 17-nation eurozone. Typical of economists, you might say.
Two of them stressed the good news in an article in yesterday's 'Financial Times'. The difference in price rises here and in the rest of Europe is restoring Ireland's lost competitiveness at a speed many would have thought impossible.
As figures show, Ireland, not Germany, is the low-inflation, hard-currency leader, with inflation less than half Germany's 2.6pc. The rebalancing of the Irish economy will also put it among the elite showing surpluses in their dealings with the rest of the world.