As you may know, in terms of trade with the EU, Germany ranks jointly as the 2nd largest market for Irish exports, and is the 3rd largest source of Irish imports.1 Our close economic links with Germany are important, particularly in the present environment in which the German economy continues to grow and absorb our exports.
Today I will speak on fiscal imbalances and the problems they create for monetary policy. One of the most visible outcomes of the current sovereign debt crisis is that fiscal deficits and public debts have become very large in many countries inside and outside of the euro area.