Ireland: 3 per cent of EU GDP but one third of Europes trade imbalance with America. Guess why.
Paul Krugman on point as always.
There was one person to point this out time and again. Brad Setser has been courageously and loudly banging the drum loudly about this.
A lot of it is pharma-driven.
@pkrugman.bsky.socialOne thing I haven't seen pointed out, although someone must have said it, is that much of the reported EU surplus is probably a fiction driven by tax avoidance. Ireland supposedly exports 6 times as much to America as it imports; it's 3 percent of EU GDP but accounts for 1/3 the trade imbalance
