The global economy in a state of flux

On the same day last week, two very contrasting economic and financial developments occurred in different parts of Europe.

In Dublin, the CSO published Irish national accounts relating to the final quarter of 2015, which has given us the first estimate of growth for the full year.

The headline numbers were very strong. Meanwhile, in Frankfurt, the European Central Bank (ECB) adjusted its monetary policy stance further in a most unusual and unprecedented manner.