Ireland living with end result of ECB madness
During the boom the argument was made that what this economy needed was higher, not lower, rates, as the ECB slashed rates to an historic low of 1%.
At the time, the ECB, hamstrung by the one policy for all regime, did what it deemed necessary to boost growth: it cut rates to the bone, oblivious to the implications it would have on our economy, driven demented by the property boom and the explosion of credit from the banks.
