As you know, the Irish economy underwent a disastrous boom-bust cycle in the last decade. Following the bursting of the bubble in 2007/8, the economy entered a period of almost free-fall. In response to the crisis, the Irish authorities have been working conscientiously on stabilising and returning the economy to growth.
That process started immediately after the bubble burst and a number of important policy measures were taken in 2008 and 2009. Initially, the focus was on ensuring that the banking system continued to function and on restoring fiscal soundness. However, despite significant measures in both the banking and fiscal areas, serious concerns persisted about Ireland’s financial balance sheet.