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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/handlers/views_handler_argument.inc on line 745.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/modules/node/views_handler_filter_node_status.inc on line 14.
  • strict warning: Declaration of date_api_filter_handler::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/date/includes/date_api_filter_handler.inc on line 578.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of uc_product_handler_field_price::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/uc_product_handler_field_price.inc on line 94.
  • strict warning: Declaration of uc_product_handler_field_weight::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/uc_product_handler_field_weight.inc on line 61.
  • strict warning: Declaration of views_handler_field_user::init() should be compatible with views_handler_field::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/modules/user/views_handler_field_user.inc on line 48.
  • strict warning: Declaration of semanticviews_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/semanticviews/semanticviews_plugin_style_default.inc on line 232.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 135.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • warning: Creating default object from empty value in /home1/finfacts/public_html/sites/all/modules/views/includes/handlers.inc on line 653.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_style_default.inc on line 25.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
Ireland

Ireland

(November 2012) Declan Jordan, an economist at University College Cork (UCC) has written: "Even before the current economic crises, governments across the globe were pushing an 'innovation agenda.' This push has become even more pronounced as the recession continues to pressure governments to respond. The promise of an innovative, competitive economy is being held out as the panacea for economic ills. In the science-push innovation policy frameworks in place in Europe, and those slowly being rolled out in the US, most of the funding for research from government is channelled through higher education institutes. It is hoped that research in these academic laboratories will generate technological breakthroughs and, in turn, new products, services and processes. While it may seem positive for governments to support basic research and science, business leaders should be wary that enterprise policies suffer from an over-emphasis on the role of science and technology.
(November 2012) Ireland's improved competitiveness shows countries can resolve economic problems within the Eurozone, according to Julian Callow, chief international economist at Barclays. He explains to capital markets editor Ralph Atkins that much can be learned from Ireland's rehabilitation within the official EU/IMF rescue program. However, like most international commentators, Callow is wrong on the reasons for lower manufacturing unit labour costs as reflecting greater competitiveness.
(November 2012) The International Monetary Fund says that never - - in more than 300 years of combating the effects of investment bubbles, global depressions, and world wars - - has the venerable Bank of England (BoE) lent money as cheap as today. The current global recession has accomplished what no previous business cycle since the start of the Industrial Revolution ever achieved: it has led the UK central bank to lower its base rate to virtually zero. What’s more, the Old Lady of Threadneedle Street (the BoE’s affectionate sobriquet) has decided to move beyond interest rate cuts, adopting unconventional policies to try to restart the UK economy. Finfacts reported earlier this year that the yield on 10-year British gilts dropped to a record low of 1.92% in January, which was below the previous low of 1.96% recorded in 1897 and the lowest level since Bank of England records began in 1703. On Wednesday this week, the 3-month Euribor rate was at 0.191%. So it's not surprising that investors are struggling to find reasonable returns in this environment.
(November 2012) Irish Science Policy: The renowned American baseball player Yogi Berra (b. 1925) once quipped "It's déjà vu all over again" and on Monday Science Foundation Ireland, an Irish government agency, provided a rerun of an event in 2006 - - the craziest year of the property bubble - - when the target date of 2013 to be recognised internationally as a 'world class knowledge economy' was set. Lessons from the demise of the indigenous high tech industry had then been ignored, as was the ramshackle implementation of broadband at a time of abundant resources. So typically giving precedence to spin and faith over failures since 2006, Science Foundation Ireland (SFI) has an audacious or delusional new target: "in which Ireland in 2020 is the best country in the world for scientific research excellence and impact."
(November 2012) In 2001 the Irish public service pay and pensions net pay and pensions bill (ex local authorities) was €10.2bn; it was €16.2bn in 2006 (the peak year of the bubble); €17.6bn in 2007; €18.7 in 2008 and is estimated to be €16.9bn in 2012.
(October 2012) Irish Economy: Export growth may be insufficient to pull domestic economy out of recession.
(October 2012) The Irish tax and social security revenues (PRSI) total as a percentage of GNP (gross national product) in 2011 was at 35%, similar to the average of 29 member countries of the OECD; similar to the UK’s GDP (gross domestic product) ratio and lower than well-run comparable countries such as Austria, Sweden, Finland and Denmark, which are all in the 40s.
(October 2012) Science spending has boosted some Irish science competence statistics but enterprise statistics suggest that the official Irish goal to become a world-class knowledge economy by 2013, is a failure.
(October 2012) The Irish economic crash ranks as one of the most expensive banking crises in an advanced economy since the 1970s. An economics paper says that the scale of state support amounting to €63bn as of July 2012, that was required to deal with the systemic banking crisis, combined with the severe correction in the real economy, eroded confidence in the Irish sovereign. This latter fact differentiates Ireland from the majority of pre-2008 crisis episodes in advanced economies in recent decades, where property played a key role in the propagation of the crisis. It may take up to 22 years for Irish property prices to recover fully from the current slump.
(October 2012) Growth in the pre-2008 period was boosted by a credit binge in the developed world and in the period since, it has become clear that a return to the pre-recession world is unlikely for the foreseeable future, at least. An economy such as Ireland's which is dependent on foreign firms for 90% of its tradeable exports has little choice but to prepare for more grim times. However, the transition will not be easy as powerful groups will fight to retain bubble gains. In France where the country has not balanced its annual public finances in any year since 1974, and where employer social security costs are at 30% of wage costs, there is no appetite for reform. However, in August, Unilever, the consumer products group, signalled that it wouldn't wait for politicians to act.