Another small step along road to recovery
Yesterday's interest rate cut by the ECB and the successful placing of €500m of government debt by the NTMA, coming just a week after the agreement by EU leaders on bank debt, marks the first sustained run of good economic news this country has enjoyed for almost five years.
The interest rate cut marked another victory for ECB president Mario Draghi. Since taking up his position last November he has pushed the ECB to adopt a looser monetary policy despite the opposition of the German central bank, the Bundesbank.
And there are almost certainly more rate cuts to come as Mr Draghi stated that the ECB sees no danger of inflation in the months ahead.