Bertie's legacy

By: Alan Ahearne, Bruegel and NUI Galway

As Bertie Ahern's ten-year tenure comes to an end, so does Ireland's extraordinary economic boom.

House prices have 30-40% more to fall

By: Wolfgang Münchau

Here is an interview with me on CNBC on the housing market situation in western Europe and the US.

A rate rise, plus a neutral bias – a typical European compromise

ECB raises rates to 4.25%, Riksbank raises to 4.5%; euro falls against the dollar, as policy bias becomes neutral; ECB expresses concern about wage indexation in euro area; there is rising popular support for nuclear energy in the EU; Poland’s President Lech Kaczynski, meanwhile, explained his refusal to sign the Lisbon treaty as a means to protect Ireland from being bullied.

Draghi criticises Berlusconi's economic policy

Bank of Italy governor attacks Robin Hood tax, and failure to cut and reform public spending; Spain’s labour market worsens dramatically; Ireland revises growth forecast to 0.5% this year, price indexation will drive up Belgian prices and wages by close to 5% this year; Lech Kaczynski, meanwhile, said he will only sign the Lisbon treaty after Ireland has done so.

ECB’s rate rise – critisised by Sarkozy, backed by Merkel

Ahead of the immanent interest rate rise Sarkozy started another attack on the ECB while Merkel gave some support; IMF says the euro's share in global reserves is now 26.8%; Poland's president Lech Kaczinski refuses to ratify of the Lisbon Treaty; remarks by French officials, meanwhile, that EU enlargement was a catastrophic mistake have failed to raise Polish enthusiasm.

BIS blames central banks for credit crisis

Blunt report advocates rise in global interest rates, depite forecast of a prolonged economic downturn; euro area inflation hit 4%, as ECB is now certain to raise rate to 4.25% this week; the Spanish housing crisis has hit parts of the market previously thought of as immune; France, meanwhile, starts its six-month EU presidency breathing down the necks of the Czechs.

Germany's balanced budget

Finance minister introduces plan of a gradual elimination of the deficit – and criticises the ECB over its decision to raise interest rates; more than two thirds of the world population have double-digit inflation rates; the French EU presidency, meanwhile, starts tomorrow amid low expectations.