To survive, we must invest in sustainable growth

There were two significant economic developments this week. Both Finance Minister Michael Noonan and the deputy governor of the Central Bank, Matthew Elderfield, said that the stress tests of the banks would be carried out over the first half of 2014 to coincide with the EU-wide stress tests.

Meanwhile, a new Ireland Strategic Investment Fund has been set up to invest potentially up to €6.4bn of the National Pension Reserve Fund into the economy.

Both developments are freighted with risks and potential rewards.