can print the national currency at will, this independence can also be exerted (but usually only achievable without causing inflation in the short term, for as long as production keeps up, (the supply side) with the rate of creation of new money). If the sovereign also controls the nation's money supply i.e. This implies then the power to 'kick the can down the road', or to favour particular social groups. to the sovereign's own citizens, it is a different matter - the issue being one, potentially, of inter-generational or inter social group transfers of wealth. Probably the most important aspect of the debate has to do with national sovereignty - if 'national' debt is owed to foreign creditors, a sovereign Exchequer is at their behest to pay it back. It stabilised by mid decade at c.€180 billion, and began to fall dramatically in the latter half of the decade as world leading growth in the economy again reversed the rising trend of national debt as a percentage of national income.Įconomics literature has long featured a discussion on the topic 'does national debt matter' (certainly since the time it was consciously developed as an adjunct to the financial markets (in the UK in the early 1800s, in the form of 'gilts')). In the twelve years since, it fluctuated dramatically, more than doubling in the aftermath of the GFC and the financial crash in Ireland. The FINANCE DUBLIN Irish Government Debt Clock was set at midnight on June 30th 2009, when it was €65.278 billion (38.4% of the then (2009) GDP of €170.1 billion). In the latest Roundtable Panel in the Irish Tax Monitorleading Irish tax advisers from BDO, Deloitte and Maples & Calder examine key developments on a monthly basis. The management of Ireland's national debt is closely related to the tax competitiveness of the Irish economy. The national debt and tax competitiveness
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