Professor Philip Lane:

Sure. For example, one indicator is that throughout that period, Ireland ran current account surpluses pretty much most of the time. In net terms, we were lending to the world - we were not borrowing from the world. That changed around 2003 or 2004. The really rapid expansion in the late 1990s was sustainable in the sense that it was not being driven by borrowing from the rest of the world. That is an indicator. In the mid-2000s, we were growing but the liabilities to the rest of the world were also growing at the same time.