Our paper is divided into five sections. The first one is the discussion of the current economic state of Ireland particularly using the 2008 and 2009 data plus the recent 2010 figures for an update, then we discuss the contributing factors to such a state in the next section. To get into the details, we examine and analyze the fiscal and monetary policies done recently. This will compose of the third and the fourth sections respectively, wherein analyses using economic theories will be in-depth. The last section discusses the question of how successful has the Irish government and the Central Bank been in managing the economy. Here we will be able to directly answer the question.
Ireland has been a success story, until the recent global economic recession. From an agricultural country at the start of 1900, Ireland experienced an unprecedented economic growth with its GDP doubling in size in a little more than a decade (ESRI). It entered the European Union in 1973, as one of the pioneering countries. Fuelled by its EU membership and several investment promotion policies, the Irish economy became the fastest growing economy among the EU members (iExplore). ...Show more