What is the fastest growing economy in the European Union? Could it be the UK? Or maybe the star performer is Poland, Bulgaria or one of those other East European upstarts?

Actually, by a long chalk, the fastest-growing EU economy is the Republic of Ireland. Seen as a basket case just a few years ago, Ireland has now achieved not only a stellar recovery but also a deep fiscal retrenchment.

The Irish economy, having expanded 5.2pc in 2014, grew no less than 6.9pc last year, according to official figures just published. The equivalent UK growth rates were 2.9pc and 2.2pc. The Republic’s budget deficit, a jaw-dropping 32pc of GDP in 2011 and 12pc the year after, was just 1.8pc of national income in 2015.

Ireland has endured public spending reductions over four years some three times greater in proportionate terms than the UK’s “austerity measures” are imposing in eight. With its public finances yanked back into the real world, the Republic’s broader economy has reaped the rewards.

Unemployment, up at 15pc in 2012, could drop below 8pc this year. With a general election campaign kicking off last week, Prime Minister Enda Kenny will be busy claiming credit, in a bid to keep his liberal-conservative Fine Gael party in power.