House prices in Tenerife
It may surprise a lot of people that houseprices in the Canary Islands have increased by 2,8% on an annual basis up to 30/06/08. This accords with informatioin provided yesterday by the government.
The Euro
This was always an economic concept driven politically on the grounds that one size fits all. Now, countries like Ireland need to inflate their economies either by increasing borrowing or printing more money. Under the regime of the Euro they can do neither. So euro governments are left without any macroeconomic controls. Menwhile Ireland has to cut health spending while, as a net contributor to EU, our taxes go to subsidise Rumanian farmers. By contrast both the UK and the US being non Euro countries allow their curencies to fall reflecting internal purchasing power. That is logical.
Ireland is not unique in this sense. Should we think the unthinkable and consider dropping the Euro?
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