This is clearly because of the degree to which foreign confidence has been building in Ireland’s ability and determination to restore the public finances along a clearly defined strategy, as exemplified by the relatively tough measures already taken.
Even before the crisis many papers had discussed many of the mechanisms that played a role, but they did not form a consistent body of knowledge that could be used outside academia. BIS central bankers’ speeches  3  Let me conclude with some thoughts about the new paradigms we would like to see emerging. Making economics more relevant for policy. Towards new paradigms?