ESRI urges Noonan to put more money aside against coming economic Winter..

The ESRI, one of the most authoritative think tanks in the Republic, recommends in its Quartely Report that the Minister of Finance, Michael Noonan should frontload more than the €3.6bn recommended by the EU/ECB/IMF plan in the next budget, by up to €400ml.

One objective seems to be encouraging investor interest, which has been cautiously improving this year at a time when both the US and UK economies are weakening by, as Joe Durkan said on Morning Ireland this morning, developing a contengency against a worsening international trade conditions (upon which Ireland is more vulnerable than most) if the US continues to falter in it’s plans for increasing the President’s stimulus plan.

Dan O’Brien explains:

In the meantime as unemployment continues to rise the slowly strangling housing market continues to push default rates up and house prices unremittingly downwards…

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