Missed opportunity

Our exit from the bailout programme is undoubtedly a significant step forward for the country and one on which the Government’s PR machine is keen to capitalise.

However, before our government immerses itself and us in their planned fanfare and rhetoric, we might take a moment to reflect on the fact that, having endured almost €28bn of fiscal tightening since 2008 and €4.5bn more planned, we still have a State we can’t afford and anyone who thinks that the formal completion of the bailout marks the end of all our problems is in for a rude awakening.

* 1. The lack of real reforms means we have wasted a recession opportunity to lift the economy to a higher level and to make it more resilient to shocks. Through a combination of weak Irish political leadership and an over-indulgent attitude of the troika, opportunities have been wasted, leaving us still with an expensive public sector, costing one third of public spending.