In addition, the legacy of high public and private debt means that Ireland is vulnerable to shifts in funding conditions. Disorderly versions of Brexit and changes to global trading conditions would disproportionately affect Ireland relative to other European economies.
Figure 1  Policy rates in % 7  6  5  4  3  2  1  0 01/07  04/07 Euro area  07/07  10/07  01/08  USA  Japan  UK  04/08  07/08  10/08  01/09  04/09  07/09  Source: Central banks. 2.2.