Transport workers and activists protesting in the Philippines this week against the rise in fuel costs since the start of the US/Israeli war against Iran. With the continuing war in the Gulf sending prices skyward, it feels very much like we are standing on the threshold of another shock. And the pervasiveness of shocks has an effect on the structure of Irish politics: how do you do politics – particularly budget-making – in a world where emergency responses are the new normal? At a global level, this could trigger ugly moments as markets get increasingly nervous about how governments finance themselves. Consideration is being given in the Department of Finance to using what are being termed “corridors” – pre-agreed policy responses to an external trigger.

Source: The Irish Times March 28, 2026 09:04 UTC