There is an absolutely terrific talk by Andres Velasco here. It would be great if European (and Irish) policy makers would take these kinds of arguments to heart, but at this stage in the Eurozone crisis I am not sure that they will before it is too late.
Would you rather
- arrange for a water meter yourself and pay 150 euro up front; or
- have Irish Water install a meter for you, get a loan from the National Pension Reserve Fund, and pay 780 euro over 20 years?
Apparently, only Bord Gais and Bord na Mona are still in the running for Irish Water. One has lost focus, the other is in search of a mission. Not an easy choice.
This follows on yesterday’s post.
Over the past couple of weeks the CSO have released some useful survey data on the household sector (see the Household Budget Survey and the Survey of Income and Living Conditions).
Today the CSO have released the Q4 2011 Non-Financial Accounts which gives a macro view of the sectors of the economy.
The 2011 figures remain preliminary (and won’t be finalised until the full release in October) but the current and capital accounts of the household sector for the past five years are presented below the fold.
Krugman has a very strongly-worded op-ed piece in The New York Times today, arguing against the fiscal austerity strategy of the Eurozone. The article is inside a paywall (you are allowed ten visits per month without paying) but here is a fair-use quote that gives a sense of his views:
“When the bubble burst, the Spanish economy was left high and dry; Spain’s fiscal problems are a consequence of its depression, not its cause. Nonetheless, the prescription coming from Berlin and Frankfurt is, you guessed it, even more fiscal austerity. This is, not to mince words, just insane. …… Rather than admit that they’ve been wrong, European leaders seem determined to drive their economy — and their society — off a cliff. And the whole world will pay the price. “
Pretty scary stuff to read. I am not sure what alternative he is offering for countries running out (or run out) of fiscal space, like Ireland. He seems to think that Germany should come to our rescue — good luck with that. It is quite pessimistic in tone so perhaps he knows that his alternative non-austerity strategy is also not a politically feasible outcome.
Venue: The ESRI, Whitaker Square, Sir John Rogerson’s Quay, Dublin 2
Date: 18/04/2012
Time: 8.30 – 13.00
The fourth ESRI Renewal Conference will examine the best available domestic and international evidence relating to the need for rapid economic adjustment. Papers will address:
- What explains the apparent inflexibility of wages in the Irish labour market?
- How can competition and regulatory policies help in economic recovery?
- What does evidence tell us about designing a property tax?
Papers will be followed by a response from an expert in the field and an open Q&A session.
Programme
8.30 Registration & Refreshments
9.00 Opening remarks: Frances Ruane, Director, ESRI
9.05 Explaining Changes in Earnings and Labour Costs During the Recession
Adele Bergin, Elish Kelly, Seamus McGuinness (ESRI)
9.35 Response: Kieran Mulvey, The Labour Relations Commission
9.45 Audience discussion
10.10 Troubled Times: What role for Competition and Regulatory Policy?
Paul Gorecki (ESRI).
10.40 Response: Cathal Guiomard, Commission for Aviation Regulation
10.50 Audience Discussion
11.15 Coffee
11.45 Property Tax in Ireland: Key Choices
Claire Keane, John Walsh, Tim Callan, Michael Savage (ESRI)
12.15 Response: Dr William McCluskey, University of Ulster
12.25 Audience Discussion
12.50 Close
Booking
To book a place at this conference, please register here
For further information please email renewal@esri.ie.
The Economic Renewal Conference Series is supported by FBD Trust.
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