Intresting little piece from The Tribune Archives,to the Austins ,Dans & the rest with the blinkers on
, were there boom, eventually there will be bust ,the European Commission could see what was coming down the road ,but like everything predicting a exact year is impossible,
tribune.ie/archive/article/2 … ulnerable/
Euro has left Ireland ‘vulnerable’
Matt Cooper, December 23, 2001
MEMBERSHIP of the euro contributed to "overheating’ in the Irish economy and has left this country “vulnerable” to a sharp economic slowdown, the European Commission (EC) admitted in a report published last week.
With little more than a week left before the introduction of the notes and coins of the new currency ? which Ireland joined in 1999 ? the EC has conceded that the one interest rate policy for all member states is now causing major economic problems for many member states, including Ireland.
The EC’s economic review for 2001 states that interest rates in Ireland needed to be four percentage points higher on average during 2000 and three percentage points higher on average this year than they have been. It believes that low interest rates led to a credit boom that may now unravel, causing great economic hardship.