New splendour of old Europe

As the leader of the ' the European Union meet in London to play on the budgets of the European Union and Anglo-Saxon ' compared to the French model, global investors have already voted and were richly rewarded.

Many American investors seem to have deleted the ' Europe as a characteristic low growth, low-return destination. This type of attitude caused them to miss some great opportunities. Let's take a look at some '.

L ' Ireland has always been seen as on the margins of Europe '. Its population of 4 million people (the United Kingdom is 15 times bigger) has always been seen as a rather ' laggard. In 1960, the citizens had to pay for secondary education ', and again in 1987, Irish gross domestic product was only 69% of the average of the Nations that eventually form the European Union '. The unemployment rate was 17%.

Suddenly, its economy has taken off. The average rates of growth of GDP in 1990 were 6.9%, and by 2003, the Irish ' of GDP was of 136% of EU average, with an unemployment rate of 4%. How can we explain this remarkable turnaround? As usual, is not due to an event, but rather to a confluence of policy and action times.

At the end of 1980, a great deal has been struck: work would moderate its demands, a freer trade was pursued and ' rates of corporation tax have been brought to zero for multinationals investing in Ireland. The ' statement has also been greatly improved for its relatively young population, particularly in the technology sector.

In a short time, the ' Ireland has become the low cost production base in Europe, and the money flowed in foreign direct investment was the key, and 1,100 multinational-many now in the field of high technology production ' and consolidated R & d in Ireland. More than 25% of American investments in Europe goes to Ireland and is the largest exporter. This, in turn, has led to a boom in exports. L ' stronger economy also sharply increased labour participation, especially among Irish women.

The resulting increase in Dublin as a booming city and an important financial center also led to a tourist boom with more than 6 million annual visitors. Instead of talented Irish workers to the United States for migration opportunities, were returning home en masse.

ecially in technological sectors.

In a short time, the ' Ireland has become the low cost production base in Europe, and the money flowed in foreign direct investment was the key, and 1,100 multinational-many now in the field of high technology production ' and consolidated R & d in Ireland. More than 25% of American investments in Europe goes to Ireland and is the largest exporter. This, in turn, has led to a boom in exports. L ' stronger economy also sharply increased labour participation, especially among Irish women.

The resulting increase in Dublin as a booming city and an important financial center also led to a tourist boom with more than 6 million annual visitors. Instead of talented Irish workers to the United States for migration opportunities, were returning home en masse.

You can see how every action turns off and helps build sustained growth and momentum. Every action has led to another in a virtuous circle, but the ' key ingredient for success was undoubtedly l ' influx of capital-capital from foreign direct investment, subsidies, EU exports, the strengthening of national capital markets and the migration. Good pro-market policies growth together with a considerable amount of capital can lead to economic miracles.

The challenge for the ' Ireland is now to maintain its competitiveness and momentum in the face of increased competition and higher costs than a potential real estate bubble. Dublin congestion, representing 33% of the population and 40% of GDP, is a bottleneck on growth.

no foreign direct investment was the key, and 1,100 multinational-many now in the field of high technology production ' and consolidated R & d in Ireland. More than 25% of American investments in Europe goes to Ireland and is the largest exporter. This, in turn, has led to a boom in exports. L ' stronger economy also sharply increased labour participation, especially among Irish women.

The resulting increase in Dublin as a booming city and an important financial center also led to a tourist boom with more than 6 million annual visitors. Instead of talented Irish workers to the United States for migration opportunities, were returning home en masse.

You can see how every action turns off and helps build sustained growth and momentum. Every action has led to another in a virtuous circle, but the ' key ingredient for success was undoubtedly l ' influx of capital-capital from foreign direct investment, subsidies, EU exports, the strengthening of national capital markets and the migration. Good pro-market policies growth together with a considerable amount of capital can lead to economic miracles.

The challenge for the ' Ireland is now to maintain its competitiveness and momentum in the face of increased competition and higher costs than a potential real estate bubble. Dublin congestion, representing 33% of the population and 40% of GDP, is a bottleneck on growth.

The new Ireland Fund is a closed-end fund that has done quite well. In the last ten years, has an annual average return of 13%, and in ' last year, was more than 35%. You exchange with a discount of 10% of its net asset value and is managed by the Banca d ' Ireland

So, let's take a quick look on ' this week's guest at the Summit, the United Kingdom, which has benefited from its opening to the world. London has grown over the last 20 years from 800,000 to nearly 7.5 million. There are 300 languages spoken in London, and the number of nationalities, approaching 100. The United Kingdom is one of only three European countries, along with Sweden and Ireland, who gave the workers of Europe ' of ' East free access to its labour market. Since last may, 175 thousand have accepted the invitation '. The iShares MSCI Italy Index ' is an increase of 12% over the last 12 months.