Eurozone in dire need of a radical makeover

Finance Minister Michael Noonan’s decision to exit the bailout programme in December without availing of the opportunity to put a financial backstop in place in the event of something going wrong next year has been characterised by some as a display of macho masculinity by Ireland.

This is a dangerous way to run economic policy, but I suppose if one has been kicked around for so long then any opportunity to flex some muscle will be grabbed with both hands.

Only time will tell if it is the correct decision or not, but the risks are pretty obvious. If one believes the eurozone debt crisis has been confined to the annals of history, then fine, but recent data releases clearly show just how fragile the new-found sense of optimism in relation to the status of the region really is.