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In the past, I have alluded to the fact that Ireland might fit the monetary disequilibrium story. Thus far, I haven’t been able to track down data beyond 2003, but take a look at Ireland’s money growth from 2003 – 2010 (click to enlarge):

This clearly isn’t enough evidence to suggest that a monetary disequilibrium approach is relevant to the discussion of Ireland, but these growth rates are particularly telling — and more so if one adds M3 growth, which peaked at 36% during this period.

Source: A Look at Money Growth in Ireland