Free money is not the way to avert a crisis

Macroeconomic governance involves three perspectives. These are the short term – the next six months or a year; medium term – the next four or five years; and long-term—the issues that need to be addressed decades in advance. From the perspective of Irish governments in recent times, only the short-term deserves attention, leaving the medium-term to civil service and the long-term to sporadic commissions and academic concerns.

The shortening of the political time horizon has been cunningly assisted by the mainstream media, to which the political class pays undue attention. There have been recent examples of ministerial responses, including afternoon political commitments to radio-telephone programs broadcast that same morning. The problem with the short-term appeasement of what bothers the public is that the quest for coherent policies in the medium and longer term is hampered by populist journalists applauding tomorrow. The response to the recent rise in fuel costs, which is totally beyond the control of Irish policymakers, is a perfect example. Free money is not the way to avert a crisis

Fry Electronics Team

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