Until this vicious circle is convincingly broken, and a more sustainable configuration of bond yields is restored, financial market conditions will continue to appear fragile. That is why there is increasing recognition that it is not something to be left on the long finger.
Europe and Ireland’s finances: the programme Ireland’s financial interactions with Europe also relate, of course, more specifically to the Troika financing and the Programme of adjustment which is now about half way through. When I spoke to the Institute last in January 2011 it was, as I have mentioned, with an analysis of where the Programme at its introduction situated Ireland.