• Ireland is on its way to an export-led recovery (hooooooray!!!)
  • Growth is now stalling in Europe (boooooo)
  • We are in a very dangerous situation (boooooo)
  • Not been able to put out financial market bush fires
  • Growth slowdown has been related to financial market turbulance
  • Consensus about what needs to be done is in the making (ABOUT BLOODY TIME!!)
  • Europe needs much stronger financial firewalls, including the backstop of the EFSF
  • Structural reforms must be frontloaded, certainty needed on Greece
  • If European council can agree on measures it has a good chance of averting financial calamity
  • Europe needs to get upper hand on financial market turbulance to avoid risk of recession