We’re not going to come out and say that Michael D. Higgins and the role he performs is unimportant…
But given that the Irish presidency is a largely ceremonial office with very little policy influence whatsoever, it’s fair to say that the impact of the office on the global economy is minimal. Minimal and approaching non-existent.
However, Deutsche Bank AG economist Torsten Slok today released a list of 30 risks to markets in 2018. A list which included… the Irish presidential election (not just election actually, elections plural, in case we have to have a few, maybe).
Other things on the list include North Korea, the UK reversing its Brexit decision, a Bitcoin crash and frankly, just a whole list of other things that matter way more to the world economy than whoever is sitting in the nice house in Phoenix Park.
https://twitter.com/DarranMarshall/status/939149773491396608
Ireland’s prominent role in the recent round of Brexit negotiations has shown up the ignorance of many when it comes to the Irish political landscape (Enda Kelly, anyone?) but thinking that Michael D. Higgins or his successor is going to be the reason for the next global economy crash is pretty next level — especially from someone whose job it is to accurately assess risk.
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