Timing matters. I am writing this at 3pm on Sunday afternoon. Russia’s invasion of Ukraine has resulted in the imposition of sweeping sanctions ratcheting up in severity seemingly by the hour. What will the effects of these sanctions be for Russia’s citizens, and for Ireland’s? Textbook macroeconomics tells us the likely result: inflation in Russia, a collapse of the Ruble, and energy price spikes in Ireland and the wider world. What should our policymakers do about this? The freezing of central bank reserves is far more important than losing access to the SWIFT messaging system. At a stroke the international…

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