number of small countries in Europe whose position
had become unsustainable.
In late 2010, bond markets drove up the interest
rates for Ireland to such an extent that the EU and
the International Monetary Fund (IMF) presented
Ireland with a loan package in order to stabilise the
situation.
John FitzGerald Kennedy, on his visit to Ireland
in 1963, quoted the words of the Irish playwright
George Bernard Shaw, who observed that
some people,
“…see things and say, ‘why?’ But I dream of things
that never were; and I say, ‘why not?’”
The 35th President of the United States went
on to say,
“It is that quality of the Irish, tha t remarkable
combination of hope, confidence and imagination,
that is needed more than ever today”.
John F. Kennedy’s words resonate today. Ireland as
a nation, is fortunate to find itself in possession of
these intrinsic faculties, as they will be called upon
time and again over the course of the coming years.
The turn of the century was a time of massive
change throughout the world. The dot-com bubble
burst, the events of 9/11 shifted the international
dynamic and the Euro was introduced. The early
years of the 21st century were also characterised
by low global interest rates. The monetary union
that introduced the single currency throughout the
Eurozone meant that small nations were subject to
the same interest rates as larger nations, even if that
might not be the best fit.
Irish banks borrowed heavily from European banks.
The majority of the loans drawn down as a result
were taken out by Irish people who purchased
property at ever-increasing prices. Banks lent
irresponsibly. One bank in particular became a
rogue lender. By 2007, the construction sector had
grown to account for 23% of the entire economy.
The national fascination with property reached the
point of delirium, but crucially, no authoritative
institution shouted stop. Then the credit dried up.
The crisis that wrought havoc on international
financial markets exposed the unhealthy way in
which Ireland’s banking system had indulged in the
over-inflated property market. Ireland was one of a
It was a low moment for a country that fought so
hard for its independence. It puts the country in a
difficult position. Ireland, however has found itself
in difficult positions before. To write Ireland off is
to disregard Ireland’s greatest asset – its people.
The 4.4 million people who inhabit Ireland are
among the best-educated in the world. The Irish
school system has long been one of the most wellrespected globally, presiding over an extremely
competitive exam system that tests students in at
least seven different subjects.
Perhaps one of the most important things to note
is that the country is consistently ranked as one of
the most developed countries in the world. Ireland
comes in at 5th place in the world in the United
Nations Human Development Index, 2010.
“The Land of Saints and Scholars” has produced
some of the globe’s foremost experts throughout
all fields of academia and business. The pragmatic
dynamism of Irish people throughout a wide range
of areas, from science to literature, has engendered a
nationwide spirit of entrepreneurial innovation that
will serve it well in navigating the rough seas ahead.
In addition to ‘hope, confidence and imagination’,
the road back to prosperity will require strategic
planning and hard work.
The young people of Ireland are now awakening to
new political realities. With a newly elected
Government, the country is set to re-establish its
rightful place on the world stage.
Ireland’s ability to adapt quickly to new realities,
pioneer new areas of industry and spearhead
international innovation is the subject of this report.
These are the tools with which the Emerald Isle will
carve out its new destiny.
Go n-éirí an bÓthar leat.
Is mise le meas,
Grant St.John Leech
Editor
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