Assigning Credit for the Irish Economic Miracle
Kenny did what had to be done.
Photographer: Kholood Eid/BloombergWhen Enda Kenny’s center-right Fine Gael party came to power in 2011, Ireland was dealing with the collapse of its banking system and struggling to comply with the demands of an international rescue program. Six years later, the economy is booming. Unemployment has fallen from nearly 15 percent to a little over 6 percent, and Ireland pays less to borrow than the U.K.
Where does the credit for the Irish miracle belong? The country’s voters aren’t sure. The recovery hasn’t helped everybody, and Fine Gael did badly in elections last year. Kenny is now stepping down as premier. Foreign observers are divided, too. Some think Europe’s tough conditions worked, others that its demands delayed a boom that would have happened anyway.