Economy in crisis - Why defer an inevitable challenge?

Just as the German court ruling on Wednesday morning brought the euro crisis back into a very sharp focus, a series of events around the domestic economy yesterday demanded attention.

The Irish Fiscal Advisory Council (IFAC) suggestion that Government be more aggressive in tackling the budget deficit over the next three years will send another tremor through a society already struggling to cope on so many fronts, a society almost cowering before the prospect of the December budget’s €3.5bn cuts package.

Another — inflation hitting 2% for the year to August — will cause more worry for people who have already endured pay cuts or lost jobs because they know there is absolutely no prospect of incomes being increased to keep pace with whatever difficulties re-energised inflation might bring.