It is believed by some observers that the banking system needs to be scaled back, as it had become too large over the past decade (Brennan & Doyle, 2010). The country has also cut back its government spending in an effort to assuage markets, but the markets viewed the austerity measures are harming the country's chance to rebuild its economy, so the austerity measures failed. Ultimately, the overheated asset prices

For example, the European Commission is concerned about the possibility of Ireland's deficit going out of control and surpassing the 3% limit that the European Monetary System imposes. In fact, the Department of Finance estimates the deficit will reach 13,3 billion euro, that is 7% of GDP. (Keenan 2008) the introduction of the European Monetary union caused financial shocks in Ireland, affecting especially the nominal interest rates which fell.

November 13, 2010); Ireland is facing severe headwinds for future growth. The depression of the real estate market and the decline in the availability of capital stock for investment through the banking system is of primary concern to policy makers. With the acceptance of the European Union bailout the demand for Ireland to incorporate austerity measures and increases in tax rates pose obturations for growth. An increase in the

" IFRS has an entirely different approach, focusing on objectives, and also encourages the use of "illustrative examples relating to specific events and transactions." The GAAP system is therefore significantly more robust. There are also differences between the systems with respect to the valuation of inventories, where GAAP permits LIFO and IFRS does not. IFRS also insists that "all inventories having a similar nature" are valued using the same formula, something

Ireland is an island in the North Atlantic Ocean, located to the northwest of continental Europe: the CIA helpfully notes that its size is roughly comparable to the American state of West Virginia. Ireland lies directly to the west of England: the two islands are separated by the Irish Sea. Ireland has a long history, and was known to the ancient Romans as "Hibernia" although the Romans did not colonize Ireland

Then, the demise of the real estate industry brings about the demise of the linked industries, such as the automobile industry, the furniture industry, the home electronics industry and so on. The demise of these industries would translate into the bankruptcy of numerous economic agents, the loss of jobs of millions and people, with the direct impact of a growing socio-economic problem of unemployment and the subsequent pressures of the