The stock of debt is one of the lowest in the EU — 33 per cent of GDP —down by two thirds on its level twenty years earlier. In the structural area, Ireland has made relatively good progress in implementing labour and product market reforms aimed at improving competition and flexibility.
This has played an important role in mitigating the economic fall-out from asymmetric shocks in a monetary union. Ireland’s relatively good record in these areas is borne out by the EU Commission’s recent review of countries’ performance in implementing the EU’s Broad Economic Policy Guidelines.