How Ireland Can Restore Prosperity

Over the past three years of the bumbling leadership demonstrated by Brian Cowen, the Republic of Ireland has sunken from a once-grand post in the EU to a staggering nation terribly in debt with the Euro coalition. His Fianna Fail administration failed to administer the values behind its founding principles, instead embracing market inflation for the sake of short-term economic endurance. It is for this reason primarily that the party was thrashed about in the February 28th election, losing 75% of its seats including that of the loyal Tanaiste Mary Coughlan, who now enters private life in followed by a dense cloud of scrutiny. Luckily however there is a new hope; if Taioseach Enda Kenny stands by his election principles, the nation can slowly creep back and reclaim its fading glories.

(Photo courtesy of  Cast a Bold eye Blog)

From the outset, Ireland was hit hard due to PM Bertie Ahern's irresponsible handling of the market crisis. For the benefit of liberalization, Ahern chose not to pursue financial regulations, instead leading the country down a doomed path of ignoring the kindling issues which would lead to its pitfall in late 2008. Thus the only way to ensure a real recovery is to use methodological assessments in a such a manner as to carefully tap into the problem and use regulatory arms of the national government to combat the rising issue of inflation.

Furthermore Kenny's policies should stand firm on the removal of the bailout conditions which have hurt Ireland following the recession and the Euro's unsteady positioning within its borders. When a nation is forced to undergo the humiliation of such a measure it loses credibility, and the Taioseach must avoid a course of operations that prevents the nation from renegotiating the issue affecting Europe and implementing reforms to better help its economic future.

So far, the Taioseach has been proposing reasonable policies which seek to ease the burden of the bailout's interest rate while still maintaining the corporate-friendly tax rates currently in place which have drawn many companies to his home nation for the best venture options possible. These tabled items are of critical necessity  and must be continued in order to allow the nation to return to its former standing as a trading power in Europe and around the world.

Difficult as it may be for other EU members to stomach, the demise of the Republic of Ireland would hurt them more than perhaps they wish to acknowledge. Because the Irish participate in such bountiful trade with the rest of the bloc, the financial insecurity resulting from the bailout would leave its future uncertain for generations, damaging to collective prosperity of the European coalition. If nothing else members of the European bloc must focus their policy on liberating their national markets, putting forward changes which will recreate the once incomparable trading power of the past with a modern shine destined for inevitable success.



John Lai

National Alliance Treasurer and Comptroller General