The Irish Times view on the Dutch government's collapse: not unexpected
It took six months of protracted negotiations to form the current Dutch government. Now, just 11 months later, it appears to have collapsed following the abrupt withdrawal of far-right leader Geert Wilders's Freedom Party (PVV) from the four-way coalition with the populist Farmer-Citizens Movement (BBB), the centrist New Social Contract (NSC) and the centre-right People's Party for Freedom and Democracy (VVD). The return of political uncertainty to the Netherlands is not unexpected. It reflects the growing volatility of coalition politics across Europe and the hazards of appeasing populism in the corridors of power.
From the outset, the coalition was an uneasy marriage. The inclusion of the PVV, the Netherlands' largest party but long considered politically untouchable due to its anti-immigrant, anti-Islam platform, was a sharp pivot from the Dutch tradition of moderate centrism and careful consensus. It was justified as a necessary compromise to secure stability. Yet bringing the far-right into government did not domesticate its ambitions. It merely moved the arena of disruption from the opposition benches to the cabinet table.
The collapse was triggered by the government's failure to accept Wilders's 10-point plan to radically reduce immigration and asylum, which legal experts say would have breached European law. It leaves Dilan Yesilgöz's VVD in an awkward position. The party had gambled on pragmatism over principle, hoping to neutralise extremism through inclusion. Instead, it has found itself destabilised by it, with public trust in government eroded further by scenes of ministerial disarray.
The broader lesson is stark. The Netherlands, like much of Europe, faces a fracturing political landscape. Electoral fragmentation and the rise of ideologically extreme parties mean that coalitions are now brittle, stretched thin across deep ideological divides.
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With prime minister Dick Schoof's resignation, voters must now brace themselves for a snap election. The challenge will be forming a government with enough coherence and conviction to hold.
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Irish Times
30 minutes ago
- Irish Times
European shares finish volatile week on high
European shares rose for a second straight week, buoyed by robust US employment figures and diminishing concerns over trade friction that had previously rattled investor confidence. The week has been a volatile one for global markets as investors grappled with ever-changing global trade dynamics. US president Donald Trump doubled tariffs on steel and aluminium imports, though the UK received an exemption. But markets are also monitoring whether the public spat between Mr Trump and Tesla chief executive Elon Musk could spill over into broader markets. Dublin READ MORE The Irish Overall Index of shares ended the week slightly higher, adding 0.14 per cent to finish at 11,622. That followed a fresh all-time high reached on Thursday, following the news that the European Central Bank was 'getting to the end' of a rates cycle which has seen eight consecutive cuts. But shares were mixed across the board. While AIB gained over its opening price on Friday, adding 0.2 per cent, Bank of Ireland gave up some of its gains, falling half a per cent. Insurer FBD was flat on the day. It was a similar story for insulation specialist Kingspan, which shed 1 per cent, closing the week at €75.55. The company's shares gave up some of the gains made on Thursday after it announced it would increase its planned investment in the US roofing business to $1 billion over the next five years. Food group Glanbia was 1.1 per cent higher at the close of the session, finishing at €12.64, while Kerry Group was almost 1 per cent lower. In leisure and travel stocks, hotel group Dalata was 1 per cent lower, while Ryanair added 1.76 per cent to end the week at €24.28. London The blue-chip FTSE 100 gained 0.3 per cent, while the more domestically-oriented FTSE 250 ended 0.4 per cent higher. Both indexes clocked firm weekly gains. On the day, heavyweight banks were among the top gainers, with Standard Chartered up 2.9 per cent, HSBC up 1 per cent and Barclays climbing 1.9 per cent. Precious metal miners, the best performing FTSE 350 sector this week, lagged on Friday, clocking a 1.8 per cent decline. Aerospace and defence shares – which jumped earlier this week after Prime Minister Keir Starmer pledged the largest sustained increase in British defence spending since the end of the Cold War – gave some of those gains back, to fall 0.8 per cent. Europe The pan-European Stoxx 600 rose 0.3 per cent on Friday, and logged a 0.6 per cent gain for the week. Market sentiment drew support from the United States' better-than-expected jobs report and signs of easing in the US-China trade relationship. Still, the market was also reminded this week of protectionist fervour. The automotive sector, particularly exposed to tariffs on steel and aluminium imports, bore the brunt, shedding 1.8 per cent over the week. German Chancellor Friedrich Merz indicated he would pursue a deal for duty-free US car imports into Europe in exchange for equivalent tariff waivers on European exports to the United States. Other bourses such as Germany's DAX and France's also recorded a second straight week of gains, while and Spain's IBEX logged its eight consecutive week of advances – its longest in nearly four months. On Friday, the financial sector emerged as the standout performer, propelled by UBS, which rose 3.8 per cent after Swiss authorities proposed more stringent rules that could require an additional $26 billion in core capital reserves for the banking giant. New York Wall Street rebounded on Friday and US Treasury yields jumped as a generally upbeat employment report and a bounce-back in Tesla shares helped put the indexes on track for weekly advances. All three major US stock indexes surged from the starting gate with robust gains, while bitcoin jumped and crude prices touched their highest level since late April. Tesla stock was last up 5.9 per cent. The Dow Jones Industrial Average rose 485.78 points, or 1.15 per cent, to 42,805.52, the S&P 500 rose 66.69 points, or 1.12 per cent, to 6,005.88 and the Nasdaq Composite rose 252.22 points, or 1.31 per cent, to 19,550.67. – Additional reporting: Reuters
Irish Times
43 minutes ago
- Irish Times
‘Nobody on the right or left is gonna buy a Tesla' - the Trump spat threat to Musk's business empire
What began as Elon Musk's embrace of right-wing populism has become a defining – and potentially harmful – chapter in his business career. By endorsing Donald Trump's MAGA movement and far-right parties in Europe, Musk alienated a big portion of his original customer base, eroding Tesla's brand , sales and market share around the globe. Then came this week's rupture: a personal and public break-up with Trump that prompted threats of retaliation from a man with control over the world's most powerful government. By simultaneously burning bridges with both his customers and now the political movement he funded and amplified for months, Musk now faces a rare convergence of threats: collapsing brand loyalty, shaky revenues, and mounting legal and regulatory risk. Tesla's sales are already stumbling under the weight of partisan baggage. SpaceX, long seen as a strategic national asset, is facing new scrutiny as political winds shift. 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He is, however, thinking of getting rid of his Tesla. – Bloomberg
Irish Times
2 hours ago
- Irish Times
Setting up your bank account before you arrive in Ireland
On The Money doesn't tend to take too much notice of press releases from banks but something crossed my desk this week that made me stop. It wasn't revolutionary – this is from an Irish bank after all – it was just announcing a simple practical solution to a problem that hasproved intractable. Every year tens of thousands of people arrive in Ireland to study, start a job or return home after an extended period abroad. Getting set up in a new country or back in your homeland throws up all sorts of basic practical issues; housing, setting up utilities, getting paid by your new employer or finding a home for the cash to tide you over for your period of study, almost all of which require you to have details of an account with a local bank. READ MORE Until now, unless you were physically resident in Ireland, you could not set up a current account to manage these basic but necessary functions, never mind about doing it online. Now Bank of Ireland says it is allowing people open accounts in Ireland up to 45 days before they arrive in the State. This allows them to have their financial affairs in order from the day they arrive in the State. I had to check that this was, in fact, new. It seems odd that in 2025 in a world where online banks are eating the lunch of the old traditional players, no one would have thought of this before now. The 'Coming to Ireland' service will even allocate a personal case manager who will get in touch within 48-hours of the application being submitted to guide people through the process. That will be subject of envy from every other bank customer who cannot be sure of ever dealing with the same person twice on their banking affairs. Bank of Ireland's head of retail, Susan Russell, notes that coming to Ireland for the first time or returning home after years abroad 'can be overwhelming'. And it's an experience that affects more people than you might think. Bank of Ireland cites Central Statistics Office figures showing that more than 149,000 people moved to Ireland in the 12 months up to the end of April 2024. Ms Russell says the new service is 'designed to remove barriers', something that will certainly be very welcome. So how does it work? You simply need to follows the steps in an online account application form which you can find here . You'll need photo ID – a passport, driving licence or EU national identity card. You'll also need two proofs of address but, as these will need to be proof of an Irish address, the bank gives you 60 days from your date of arrival to present those. Failure to do so will see the account blocked. The process will also require a selfie of you that is taken as you go through the process. Assuming it works as promised, it will give Bank of Ireland an edge on its rivals. AIB does say that people coming to the State can open an account before they arrive through its website. However, applicants still need to visit a branch on arrival to verify their identity and have the account activated. Once they have all the paperwork, AIB says a customer can expect their new account to be operational within 24 hours. People resident in Ireland over the age of 16 can open an account virtually through the AIB Mobile app, the bank tells me, which is welcome but no good if you're only arriving in the State. AIB is also proud of its translation services which offers service to customers in any one of 150 languages – which sounds helpful for those who do not speak English as a first language – but it still won't allow you to get up and running without trekking into a branch in Ireland. For its part, PTSB requires anyone arriving in Ireland and looking to open an account to present themselves at a branch with all the necessary documentation. People who are already resident here can open an account through PTSB's mobile app. They can even open a joint account if they were not already PTSB customers. However, somewhat ironically, if you are a PTSB customer and wish to open a joint account, you'll have to visit a branch Of course, while all this increased flexibility is welcome, it is worth noting that the banks are only really beginning to make themselves more accommodating because of the threat from the fintechs – like Revolut , N26 and Bunq – who pioneered the concept of online account opening, including scanning of the necessary documents. In a world where banks are making it ever more difficult to actually talk to someone in a branch, people, especially younger potential customers more comfortable with living more of their lives online, increasingly opt for the flexibility and user-friendliness the fintechs offers – despite some of the customer service glitches that have subsequently emerged. Ironically, in a world where traditional banks are looking to reduce branches and branch staff numbers, you would have thought blatant self-interest, if nothing else, would have made them anxious to be at the forefront of flexible, online banking As anyone who regularly battles their way through the stodgy online offerings available from the traditional banks will know, they're far short of offering that sort of cutting edge banking service. Still, at least making it easier for people to get their personal banking arrangements up and running before they land is a small step in the right direction. You can contact us at OnTheMoney@ with personal finance questions you would like to see us address. If you missed last week's newsletter, you can read it here .
