The crisis in the periphery of the eurozone is far from over. But unlike the Mediterranean countries, Ireland has recovered so strongly it grew by 5.2% last year that investors are now treating it as a core state, notes Kate Allen in the Financial Times.
Viewpoint
"[Many UK manufacturers] would very happily trade a stronger pound for continued membership of the single market We should get away from the idea that you can devalue your way to export success. In the mid-1970s the exchange rate of the Deutsche mark to sterling was just under six. Now, based on the current euro-sterling rate, the rate would be around DM2.1. Sterling has suffered a 63% devaluation in relation to the German currency Yet there is no doubt which country is the more successful exporter. If devaluation was the key to export success, Britain would be a world champion. The reasons for such success go much deeper."
MoneyWeek
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David Smith, The Times
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