In line with our earlier discussion, the left panel of the figure suggests that, although monetary policy during the period following the 2001 recession was accommodative, it was not inconsistent with the historical experience, given the macroeconomic environment of the time.
Given the extreme nature of the Irish data (especially since 2015), the CSO has taken the lead in addressing the implications of globalisation for national accounts data. These innovations are being closely watched elsewhere and it is evident that a significant number of other countries should take similar steps.