In this period, Ireland  experienced a burst of relatively high domestic inflation that was driven by a mix of the disproportionate impact of the large euro-dollar depreciation during this period, the inadequate scale of the 1998 Irish pound revaluation prior to joining the euro and the strong momentum in Irish wage growth during this phase (Honohan and Lane 2003).
I challenge you all to question the assumptions that you have based your frameworks on; let’s take nothing as a given and let’s make our policy directives as unique as the economies they target.