Ireland faces two-year recession

That’s what Sir Howard Davies, a former deputy governor of the Bank of England (BoE), has to say. Davies adds the usual list of suspects to suffer in the housing meltdown to Ireland: the UK, the U.S. and Spain. He believes the BoE and other central banks have moved the focus away from housing toward inflation and that means interest rates won’t come to the rescue in Ireland or the other bubble economies anytime soon.

Ireland faces two-year recession, ex-central banker says, The Irish Independent, 13 Jun 2008

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