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Ireland is to regain its sovereignty after three years under the thumb of the EU-IMF Troika, the first of the eurozone crisis states to return to the free market.
The crippled Celtic Tiger has been subject to intrusive controls after a banking collapse forced it to seek a €78bn loan package from the EU and the International Monetary Fund in November 2010, compelled to cut wages and inflict a fiscal squeeze of 19pc of GDP. The country will not break free of its shackles entirely. Inspectors will continue to carry out visits twice a year until 2031 “at the earliest” under a surveillance mechanism. Ireland will face binding constraints under Europe’s deflationary Fiscal Compact.  The "poster child" of EU austerity, Ireland has taken its medicine stoically without street violence or a lurch towards extremism, thanks to a close-knit tripartite system of trade unions, business and the government working together.
European officials have hailed Ireland’s recovery as a vindication of their strategy of “internal devaluation”, a policy of wage cuts aimed at clawing back lost competitiveness within monetary union. Yet it remains far from clear whether Ireland is really out of the woods or whether debt-stricken countries in southern Europe can replicate the feat. Ireland has a highly-competitive export base, akin to Asia’s tigers. It is the fruit of an industrial strategy 20 years ago that lured in American software and pharmaceutical firms, and built a financial service sector. Exports equal 108pc of GDP, compared with 39pc for Portugal, 32pc for Spain, 30pc for Italy and 27pc for Greece.  This trade "gearing" makes it far easier for Ireland to export its way out of trouble. The current account surplus is 4pc of GDP, though the Viagra and Lipitor “patent cliff” has cut exports by 17pc this year.  Ireland does not have an overvalued currency, unlike EMU’s Latin bloc. Its crisis stemmed from a credit bubble, caused by super-loose monetary policy set for German needs. Real interest rates averaged -1pc for seven years, a disaster for a young fast-growing economy.