Who would have ever thought that tiny Ireland would be the backbone of the European economy?

The WSJ notes that the prospects for averting an EU recession hinge on Ireland and its lowest in the world corporate tax rate of 12.5%. According to the story: “Though Ireland accounted for just 2% of the eurozone’s combined economic output in 2014, Ireland has accounted for almost a fifth of all of the economic growth since then. Its share of the bloc’s GDP is now 4%.”

It reminds us of an Arthur Laffer quip: Why is Ireland always a good place to invest in? Because the capital is always Dublin.