Ireland exiting the euro and the risk of setting the Irish economy on fire
Nov 17th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Leaving the euro may seem like a daring but serious option for responding to Ireland's economic travails. However, the beguiling fix would likely risk setting the economy on fire and at best, long overdue reform would have to be eventually considered. Besides, while devaluation is the text book solution for restoring competitiveness, the Irish economy is unique in the world, according to an agency of the US Department of Commerce, in its dependence on US firms. These firms have made the Eurozone our principal trading partner.