Debunking myths: why austerity and structural reforms have had little to do with Ireland’s economic recovery

Ireland was one of the countries hardest hit by the financial crisis, however it has emerged with a strong recovery and now boasts the fastest pace of economic growth of any country in the Euro area. But what explains the Irish recovery and could it act as a model for other Eurozone states? Aidan Regan writes that contrary to the interpretation put forward by some policymakers, the recovery has had little to do with structural reforms or austerity policies, but instead reflects a successful development strategy focused on securing foreign direct investment, particularly from the United States.