Tuesday 16 January 2018

The EU's self-serving analysis is of little use

European Union Commission President Jean-Claude Juncker
European Union Commission President Jean-Claude Juncker

The European Commission has told us that it did right by Ireland in the cruel but fair bailout which ran from November 2010 until December 2013. The Brussels executive report is right on many points - but alarmingly self-serving on key issues.

It is hard to argue with the central thesis of the commission's analysis of Ireland's experience of the EU-ECB-IMF €67.5bn bailout. By late 2010, the so-called Troika was Ireland's only resort for borrowings to pay the day-to-day costs.

The bailout terms were extremely tough as spending cuts were front-loaded. But the harsh medicine did work - the Irish economy returned to growth and unemployment fell.

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