Cliff Taylor: The week when the Irish economy dodged a bullet

Having signed up for the OECD deal, Ireland now needs to see it done

Finance Minister Paschal Donohoe wasn’t playing with a particularly strong hand – everyone knew Ireland would have to get on board eventually and political pressure has been fierce. Photograph: Patrick Bolger/Bloomberg

Finance Minister Paschal Donohoe wasn’t playing with a particularly strong hand – everyone knew Ireland would have to get on board eventually and political pressure has been fierce. Photograph: Patrick Bolger/Bloomberg

It was a tale of two G7 meetings for Finance Minister Paschal Donohoe. Emerging from the G7 finance ministers meeting in London in June, he noted the ministers’ support for the OECD tax deal and talked about the potential €2 billion annual loss to Ireland.

But while Donohoe pointed the news agenda in this direction, you would suspect what was concerning him was something else – the inclusion of the famous phrase of “at least 15 per cent” as a target level for the new global minimum rate in the G7 communiqué .

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