This easing of monetary conditions has occurred at a time when the Irish economy is performing very well compared to the central euro area countries, with strong domestic demand in particular giving rise to significant risks of overheating in the economy.
Not only the real economies, but also financial markets and payment systems are closely intertwined across borders. Many of these achievements are currently being debated – along with the responsibilities of the national and the supranational level in Europe. The reforms of the past ten years have remedied many shortcomings. However, the process of renewing European institutions is still ongoing.