Euro crisis - We can never forget ...

Today marks the fourth anniversary of the first euro crisis summit.

Even at this very short remove it is hard to imagine how fearful, how stressful a moment that was for everyone dependent on the stability of the eurozone economies.

It is not an exaggeration to say that the very future of the European Union was in question. As a bankrupt and peripheral member state, one cowed into assuming unsustainable bank debt, Ireland was not in a strong position.

We were powerless, obliged to do as we were told by our financiers.

Today just weeks after the troika’s supervisors checked out of their Dublin hotels, the possibility of tax cuts has re-entered the national conversation.

That we can do so represents a significant milestone but we cannot ignore the very hard lessons learnt not so long ago — living beyond our means is a recipe for disaster.

We are still doing so even to a far lesser degree. Anything that might reverse that trend is a risk and must be considered very carefully. The risk/return ratio is just too out of kilter.