Ireland will be much more vulnerable to future changes in interest rates, a Dail committee has been told today. The Special Committee on Covid-19 Response is hearing from representatives from the Irish Fiscal Advisory Council which says low interest rates cannot be taken for granted.
In his opening statement to the Committee, Sebastian Barnes, acting chairperson of IFAC, said large amounts of funding will likely be required for new borrowing in the coming years and to rollover existing debt.
Ireland currently has a national debt of €200 billion. Mr Barnes said actions by the European Central Bank and the stability of the Euro Area will be key. "We do not expect austerity in the sense of significant increases in unemployment due to severe