EMU to blame for current economic woes

Joining the European Economic and Monetary Union caused our binge and boom -and it is set to slow our crash-diet recovery, writes Cormac Lucey

28th March, 2009

Ireland experienced astonishing economic growth over the decade 1997-2007.Average incomes (GNP/head) grew by 131 per cent while numbers employed grew by 43 per cent. But the reasons conventionally advanced to explain this growth offer a poor explanation for what happened.

Social partnership between government, employers and unions was one factor offered for Ireland’s strong growth. But this answer failed to explain why the strongest growth in jobs was concentrated in areas where Ireland’s unions are...

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