Glaube auch ,das wird noch besser hier und bis zu den Zahlen im März dauert es ja auch noch ein bisschen .
Recovery due to fiscal discipline
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The turnaround in the economy can be attributed to tight fiscal discipline over the past three years, although the financial crisis will leave an unfavourable legacy, according to Central Bank governor Patrick Honohan.
By John Walsh, Business Correspondent
“The accumulation of debt, public and private, will continue to weigh on growth prospects in a variety of ways. And many households are being affected by long-term unemployment.
“But the damage can be ameliorated by a variety of means, including work on labour market activation and continued improvement of fiscal policy and measures,” Mr Honohan told a conference in Dublin organised by Trinity College and the European Commission.
“Limiting the legacy damage is also the rationale for the Central Bank’s persistence in pressing the banks, in accordance with our mortgage arrears resolution strategy and targets, to accelerate their work to ensure that non-performing loans are brought back into performing status, and dealing with over-indebtedness by moving to sustainable solutions.
“These are tasks which remain work in progress, though progress that is now accelerating. In cushioning the impact of the loss of market confidence resulting from the crisis, the programme did no more and no less than was promised on the tin. The rest is up to us.”
Mr Honohan highlighted the initial problems with the bailout programme, such as the troika wanting the Government to pump €35bn into the banks, which would have further weakened the fiscal position of the State.
Following the stress tests of 2011, the Government eventually put in half this amount, he noted. Moreover, it would have been much better for the economy if an EU institution had taken equity positions in the banks, which would have been an effective way of breaking the pernicious link between the financial system and the sovereign.
And even though the banking system is fragile, it is moving in the right direction, Mr Honohan added.
The ECB will publish health tests of Europe’s biggest banks before it takes over their supervision in November. There are concerns that lending will remain constrained until then and hamper the moderate economic recovery.
“At the moment, across Europe, there is a lot of concern that banks have been holding back lending to look good for tougher stress tests,” Mr Honohan said.
“To some extent, some banks are doing that, but I don’t see that in Ireland.”
Additional reporting by Reuters
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