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Dublin: 13 °C Wednesday 22 May, 2013

Michael Noonan is officially better than he was one year ago*

*At least, according to the Financial Times which has produced its annual ranking of the EU’s finance ministers.

"I'd like to thank my agent..."
Image: Laura Hutton/Photocall Ireland

IT’S OFFICIAL: MICHAEL Noonan is a better Minister for Finance than he was one year ago – at least, when compared to eighteen other EU finance ministers.

Noonan has been ranked a respectable fifth in the Financial Times yearly list of the EU’s finance ministers – moving up five places from last year when he was ranked in tenth position. Just two years ago Ireland was ranked at the bottom of the pile in the annual list.

The ministers were ranked by political ability, economic performance, and credibility in the markets by seven leading European economists.

The Financial Times noted that although the Irish economy is still far from fully recovered, Noonan has ensured “scrupulous adherence” to the troika’s bailout plan, boosting the chances of winning concessions from creditors which could help to ease Ireland’s financial pain.

Germany’s Wolfgang Schäuble topped the list with judges praising his ability to articulate a vision for a more integrated Europe. Sweden’s Anders Borg was ranked in second place after topping the list last year while Italy’s finance minister Vittorio Grilli jumped ten places in this year’s poll after languishing at 18th in 2011.

The Financial Times noted that the challenges facing the EU’s nineteen largest economies in 2012 “were as tough as at any time since the eurozone debt crisis hit in late 2009″.

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Comments (66 Comments)

  • Most Irish people suffer from a form of stockholm syndrome when it comes to governments.

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  • He is going a solid job, regardless of where you stand thats clear imo.

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  • Good news for the country’s profile regardless of what you might think of the man…

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    • Vinnie
      Whether or not you received any formal education I’m sure you grew up in an environment where gratuitous vulgarity (use dictionary or Wikipedia ) is unnecessary and socially unacceptable. Could you not find even small but respectable words to replace the language of the gutter. Please keep their use to where it belongs.

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    • Thats the funniest comment I’ve see O’Reilly….

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    • O'Reilly 22/11/12 #

      Glad it made you smile Charlie :)

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    • @ Garry my education really Isin any of your business my business is thriving I do pretty well regardless I was in school with other who went to 4 yrs of college and great papers to show they can read and write and they are unemployed ..stop talking threw your arsehole the only thing you could fault me on is grammar a decent argument would have been more fruitful..
      ps..(i don’t need perfect grammar that’s why I have a assistant) have a nice day in work IL be enjoying mine

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    • Sure you have to smile… Where else would a failed school teacher be given the job of finance minister… And then say he’s doing a bang up job… Its a riot….

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  • peter 22/11/12 #

    This man & his colleagues are fantastic, i wake up every morning full of gratitude for these guys, between them they have filled my world with lollipops & icecream & wonderful things, i just can’t wait until the next gen election so I can show how thankful I am.

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  • Noonan is getting a pat on the back for being a good boy and doing what he is told by the troika. Shame he has forgotten about the people that elected him. He is an embarrassment and arrogant With it. Some of his quips about the Greeks have been disgraceful. He has achieved nothing and we are still paying unsecured bond holders and approving ridiculous salaries for the bankers.

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    • Yeah, you’re so right. He should have defaulted, cut us off from all sources of funding, stopped paying any public servants, destroyed the banks, wiped out everybody’s savings and plunged the economy into chaos. I take it you would have been much happier with him if he had done that.

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    • Maybe you should check on icelands progress particularly their growth rates and unemployment. Still think mr noonan has made the right calls?

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  • A fair award for spending the last 18 months paying off unsecured bond holders. If he get’s through next year with another €19 billion to be shipped off he will probably go to the top of the class.

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    • Kerry
      I’m tired of your Left Wing misery inducing negativity. There is no joy in you or your life and by God you want everyone else to be as miserable as you are.
      If we all promise to vote for the ULA and Sinn Fein at the next election will you warm up because you gave me daily nausea.

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    • Garry go blow your trumpet else where. Your blindsided by your party affiliation. These bondholders should never have been paid full stop. UNSECURED for a reason except when noonans has vested interests. End of.

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    • Garry am I factually incorrect? Is it not true that we have paid over €19 billion to bond holders this year and we will be paying the same next year if not more? I don’t really care who you vote for next election to be honest that is your own decision you make in the privacy of the polling booth.

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    • Hmmm I always read Kerry’s posts with interest. Keep asking questions as far as I’m concerned, a relief for me to know there are people out there driven by social concerns as well as economic ones.

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    • garrys just trolling and he is fed up of your comments boo hoo..gazza mate we are fed up of you and your grammar bull sh1t

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  • Great country altogether. People must wait for about a year to get invalidity pension. Croke Park Meal is meant to mean efficient services yet they won’t help the staff with the backlog. If you need a passport for holidays it takes 10 days but if you are sick you can drop dead or commit suicide for all the government care.

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  • The lads from the FT must have had Anglo bonds. He’s been just as much of a disaster as his predecessor, whose policies he has matched to a T (if anything his budgets have been even more regressive – hitting the poorest even harder, while protecting the pensions of the likes of ‘Fingers’ Fingelton, Eugene Sheehy et al.). The only difference is he talks slowly in a gravely serious voice, which seems to be enough to fool idiots into thinking he knows what he’s doing.

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  • Yea Noonan is Better off alright His ministerial salary and all his Expenses along with the unvouched Expenses of Coarse He is better off while 5/6ths of the people of Ireland are worse off
    So congratulations Michael Noonan you are doing as you are told by MERKEL And you are keeping Kenny happy too

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  • Hurray for Michael, he good at taking from the poor & giving to the wealthy.

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  • Was it not only 4 or 5 years ago that Ireland were ranked no. 1 on this list. Economists appear to be nothing more than historians trying to predict the future, granted with an awful lot of insight into exactly what happened and why in the past.

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  • Ranked 5 as voted for by the bondholders.Well done Noonan keep the payments flowing,don’t forget the biggie in March.

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    • eh, voted for by 7 leading European economists. What’s bondholders got to do with it?

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    • Everything OReilly Everything.
      If he acts in the interests of the Irish people and renages on the Anglo note where do you think he’ll be in the rankings then?

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    • He has been judged on his performance in working within the constraints inflicted as a result of guaranteeing banks/bondholders: i.e. a bailout programme. Again, what have bondholders got to do with the views of 7 prominent European economists?

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    • OReilly if he stops paying the bondholders what opinion will these same economists of him then?any thoughts?

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    • Norman, i’d say they’d think the gov of the day was mad to do it in the first place. But that’s not what he’s being judged on…

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    • You seem keen on the thoughts of economists.Here’s one for you our own Colm McCarthy stated that ECB acted outside it’s remit in forcing the FF led government in gaurenteeing the bondholders(all of them).Why hasn’t the present incumbants who have been in control for 18+ months pursued a case in the ECJ.
      Wether you accept it or not this country is being slowly destroyed and what we have as leaders are not imo up for the job.

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    • Norman
      Again my dear friend you either failed or were unable to properly read the published piece. The judging panel are distinguished economists……..

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    • Garry hate to burst your bubble but me and you could never be friends.Since all articles ask the reader for a comment,opinion if you will.The above comments are my opinions as to why he got ranked 5th.I trust this clears up any misunderstanding.;-)

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    • That’s right, paying bondholders, protecting the rich and the bankers, shafting the working poor and those on social welfare. Like Kenny, Noonan’s getting flourishing reviews and pats on his back for the outstanding job of keeping the people to the bone and the money flowing back to Europe and the bondholders.
      It’s an insult to the people that these overpaid, un-vouched expense and money sucking vultures are filling their pockets at our expense and getting medals from Europe in turn.

      What is worse is that there is also the usual gullible and media hypnotised electorate suckers who believe anything fed to them, this is good publicity for the rest of the broke European finance ministers that if they keep in toe these are the rewards, european wide “fame”…..ohh god…what a lovely love story between our politicians and their masters.
      Say what you like people, I, like you, know nothing much than what I hear, read and research but common sense, logic and pure cop-on tells me this smells “reward to the good soldier” and nothing more.

      Ask us if we rank him anywhere on any scale on a domestic level as for Kenny don’t get going…..we’ll have this chat in December again when we’ll see which of us he has decided to shred to pieces…..

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  • As you say a few years ago, we were considered to have the worst Finance Minister in all of Europe, 2 years in a row under Brian Lenihan,

    Being better at the job than Lenihan is hardly much of an achievement. Nidge from Love and Hate would be a more capable and trustworthy man in the job than he was.

    We are still breaking the back of our economy to try and pay off failed investments by others, defying all economic precedents and logic at the behest of Brussels and Berlin. Reality is going to catch up with them eventually.

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  • Dave 22/11/12 #

    The look on his face says it all….. this is the man with the purse strings!!

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  • At doing what??????

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  • This man only thinks about his own financial gain, least we forget that he is a bond holder and he gains when we pay. He was against burning them because he would get his money.

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  • Fiddling while Rome burns….

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  • The Irish will decide that one, not the Dictators of the EU or FG footsoldiers!

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  • didnt know you were unwell michael ,good to hear you are on the mend …

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  • and jesus wept

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  • Drone… drone …the Government stole my dog…yawn .. Yawn… Everything should be free for everyone always…. Etc etc… Noonan ate a sandwich while he was in Brussels and disn’t pay for it ….

    Change the record …

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  • Yer arse he is!!

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  • Whatever you think of bondholder bailout, at least we are no longer in the position we were 2 years ago where we were unsure whether we would be able to pay welfare or the salaries of public servants. He has stabilised things.

    What we want now is an improvement, but that’s a lot harder to achieve. First and foremost it’s in the hands of those responsible for education and training – sort out the reasons why we have a shortage of people with IT, language and apparently culinary skills, but a glut of people who have a trade.

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    • He nor FG have stabilised nothing, they are continuing FF policies and surfing on the coat-tails of other Countries misery!

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    • The fact that Irish bond yields are at their lowest rates since this crisis began, that it now looks likely that Ireland will be able to borrow money directly from those markets as opposed to having to get a second bailout and that Irish companies have actually sucessfully raised funding on the markets put the lie to your suggestion Stephen.

      We may be not be out of the woods yet but compared to the financial mess that the country was in 18 months ago we are well on the way to being in charge of our own economy again.

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  • Lets face it Lads, Germany has us all by the Merkels :)

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