Irish economy was popularly known as the Celtic tiger, due to its fantastic growth, which somewhat faded since the crisis as its economy dipped into severe recession. European partners bailed it out in 2010, with € 67 billion, in exchange for austerities.

Since 2014, Irish economy seems got back its groove and started firing all engines of growth.

Latest data revealed that Irish economy grew 1.4% in the first quarter 2015 on quarterly basis, while annual growth rate is now at 6.5%, close to China's GDP growth of 7%.

Growth rate for fourth quarter, got revised to 6% from previous 4.1%.

Though there may be debates but Ireland is Europe's poster child for Austerity. Economy was forced into tough economic reforms and it came out successfully and strongly.

Ireland now has the highest growth rate in Euro zone, which not only makes cases for reforms but points out the potential in European economies.

With weaker Euro and monetary policy accommodation by their side European assets, such as stocks are likely to keep over performing over the coming years.

Pan European blue chip index, Eurostxx50 is currently trading at 3576, up more than 14% for the year.