Ireland Archives - IREF Europe

Ireland’s siphoning off of GDP and tax revenues makes a mockery of the EU Single Market

Bob Lyddon — Thu, 29 Feb 2024 06:34:50 +0000

Introduction The ‘Celtic Paper Tiger’ is that part of economy tied up with servicing foreign multinationals and reducing their tax bills. It represents 65% of the Republic of Ireland’s economy,1it…

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Ireland on the way to recovery

IREF — Sun, 24 Jun 2012 22:40:48 +0000

This paper is excerpted from the forthcoming "IREF's Yearbook on Taxation" 2012

In an unprecedented and historical move, the European Union forced the Irish government against its stated wishes to indebt itself in an € 85 billion international bailout comprising of the IMF, EU and bilateral loans. This bailout to ensure that the Irish government would continue to pay 100% of face value on maturing senior bonds in zombie banks will have increased government debt by over 40% of GDP by the time the bailout is completed in 2015. Despite such catastrophic economic conditions, the Irish economy is showing signs of recovery. In 2011, Ireland generated a record high annual trade surplus of just under € 44.7 billion, up by 3% on 2010. Regarding public finances, the 2011 budget saw a closing of the deficit by a further €6 billion. Budget adjustment over the period 2011-2014 is realized for two thirds through expenditure reductions and one third should be raised by taxation. It has been called the most “draconian” budget in the history of the state.

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Ireland prints € 51 bn of euros

IREF — Thu, 20 Jan 2011 12:59:28 +0000

According to various Internet sources, Irish banks would have borrowed €51bn from the Irish central bank by the end of December, under an obscure program listed in the balance sheet as "other assets". That is, the Central bank has electronically printed up new currency units for Irish commercial banks, without issuing debt behind these actions. The actions of the Irish central bank are not ignored by Germany, but fall out of the area of official monetary policy and appear to involve money creation outside the normal control of the European Central Bank.

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Fiscal decentralization in Ireland

IREF — Tue, 07 Dec 2004 16:11:02 +0000

Abstract: It has been observed that while the respective theoretical merits of fiscal centralisation and decentralisation are debatable, it is even more difficult to empirically assess the degree of centralisation…

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