Ireland's Ahern Says Euro's Gain to Record Has Hurt Economy

[verbatim]

It’s not like Bertie to say something negative. Perhaps someone should remove his shoelaces.

 Oct. 9 (Bloomberg) -- Irish Prime Minister Bertie Ahern

said the euro’s increase against the dollar has eroded the
economy’s competitiveness, which may hamper the capacity of
exports to counter the impact of a cooling construction boom.
Productivity growth has been unimpressive during the past few years,'' Ahern said at a conference in Dublin today. Our
international trade competitiveness has slipped since 2002, due
mainly to rising costs and an appreciating euro.‘’
The end of a decade-long building boom is slowing
homebuilding, reducing tax revenue and hampering the economy’s
expansion. Finance Minister Brian Cowen last week said export
growth will be a key determinant'' for the economic outlook, which has been clouded by the construction slowdown. The euro's rise to a record against the dollar has also concerned politicians such as French President Nicolas Sarkozy, who says it threatens to hurt the euro-area economy. The currency has gained 11 percent against the dollar in the last 12 months, reaching a record $1.4283 on Oct. 1. Ireland's central bank on Oct. 5 cut its growth forecasts for the next two years, saying that gross-domestic-product growth will probably ease to 3.5 percent in 2008 from an expected 4.75 percent this year. It previously forecast expansion of 4 percent in 2008 and 5 percent this year. Construction accounts for a large share of the Irish
economy,‘’ Ahern said. ``It is inevitable that any slowdown in
activity in that sector will have a knock-on effect.‘’
Euro-area economic growth will probably average 2.5 percent
this year and may ease to 2.2 percent next year, according to
the European Commission.

[Thing_Fish]

Bertie is blaming the rising price of the EURO, he should look elsewhere.

[geckko]

I think Berie has trouble with the whole exchange rate thing.

“Euros? Sterling? Dollars? I dunno…”

[shanegl]

Bertie wants lower rates. He can go and sing for them, he 'aint gonna get them.

[beattie]

@geckko

I think Berie has trouble with the whole exchange rate thing.

“Euros? Sterling? Dollars? I dunno…”

Leave the poor man alone. We are the second richest country in the world and if the great man left where would we be? Sure who would remember getting big wads of cash 13 years later

[Blindjustice]

I posted on this a long time ago.

I predicted that the Govt will eventually lay blame on outside influences.
This is the beginning I reckon.
The Govt know exactly what is going on I am convinced.

[The_Unwelcome_Guest]

Of course.

I mean, they’re clearly thick.

But they’re not that thick.

My own opinion kids…

[Thing_Fish]

Bertie proved that he knows somethin’ about about nuthin’.

and all his advisors can only come up with this. bertie cannot function without his €600k per year advisors.