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Boom and bust broken - Howlin

PUBLIC Expenditure and Reform Minister Brendan Howlin (inset) has said he hopes the cycle of boom and bust in Ireland has been permanently broken - but economists argue those cycles are a feature of capitalist economies.

It comes just days after Finance Minister Michael Noonan said Ireland needs a different economic model as the recovery begins to broaden, focused more on steady growth akin to the Nordic and Northern European models.

Ahead of a Cabinet meeting yesterday, Mr Howlin said the State had made remarkable progress after having gone through the most difficult period of economic recovery in the history of the state.

"We have broken, I hope permanently, the cycle of boom and bust," Mr Howlin said.