Michael Burke: This is an interesting piece from Martin Knijbbe on Ireland as a poster-boy for 'austerity' measures. In response to an article from Jurgen Stark extolling Ireland's export-led recovery, he examines that actual trends in the trade balances of key EU economies currently as well as the growth of both imports and exports. Stark remains a member of the board of the ECB for the time being and argues that 'internal devaluation', wage cuts are responsible for Irish export-led growth. This piece, which originarly appeared on Real World Economics, challenges each of those assumptions.
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