Exploding unit labour costs have eroded the competitiveness of the Irish economy, undermining the very core of its growth model so far. But even though the last few years have been challenging, many signs point to a silver lining.
There has been significant progress in reforms with the results to show for it: on-track deficit reduction, falling unit labour costs, a positive current account and last but not least a return to positive growth. To sum it up: I am very much confident with regard to the Irish case.