Rise in wages would be a welcome development

As we look back on the performance of the Irish economy in 2014, one has to say it has exceeded expectations on all fronts.

Growth has been much stronger than anticipated, including in the domestic sector, unemployment has fallen at a quicker than expected pace, the housing market is picking up momentum, while the budget deficit is turning out to be considerably lower than originally forecast.

That is not to say that economic conditions are returning to normal. There is some way to go yet in that regard.