First, it can imply guidance – a compass or a roadmap. What should the EU look like in one, five or ten years’ time? Second, it generates clarity, hope – and ideally even enthusiasm.
Partly this was a function of the degree to which many of Ireland’ s leading firms, both in manufacturing and services, have been foreign-owned and brought their finance with them. But I would be cautious about assuming that Ireland does not therefore need much credit in the years ahead of recovery.