SBP editorial: Donohoe must draw on dexterity and dogma

SBP editorial: Donohoe must draw on dexterity and dogma

Paschal Donohoe laid out his agenda last week. The man charged with leading both the Department of Finance and the Department of Public Expenditure and Reform intends to decrease the structural deficit – the underlying gap between annual state income and spending corrected for the business cycle – from 1.2 per cent this year to 0.5 per cent next year.

Donohoe said that achieving this would amount to a balanced budget. Perspective here is vital. In 2010, the gap...

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