Politicians should play by market’s rules and look to Iceland

THERE is not much good news anywhere you look: the G20 was a disaster, the predicted slowdown in growth globally is bad news for Ireland, the coming budget could end up being an interim one, and the EU is losing the plot.

But, all around, the same old measures are being adopted and continue to be used despite the fact that obviously they are not working. It seems to be part of the human condition that, as circumstances deteriorate, we are increasingly unable to offer a new response.

What is needed is new thinking. The indications come not just from the fact that the same old methods are not working, to the brave efforts of a few that are thinking outside the box.