Central bankers are like football club chairmen. Central bankers and those other guardians of the world's monetary system at the International Monetary Fund have one thing in common with the chairmen of football teams. History suggests that when they express complete confidence in a coach/country being written about as under pressure, drastic action is not far away.

Hence, my continuing interest in the travails of the Irish Government as the country struggles to survive bankruptcy because of the bills run up by the lending spree of its bankers that could not be paid when the global financial crisis struck. The big wigs of the European Central Bank and the IMF keep assuring investors that the harsh austerity measures they have forced upon Ireland are working and that there is no cause for concern.