WHY IRISH EYES ARE SMILING.(A)(Editorial)

It's hard not to chuckle at European Union nabobs lecturing Ireland on its economic success. But their aim to mold the Irish economy in the image of theirown economic wrecks is no laughing matter.

Instead of flaying Ireland for its bustling economy, the EU should copy the Irish recipe for success: Cut taxes and hold the line on spending. These policies have made the Emerald Isle the economic jewel of all Europe.

Up to the last generation, Ire

land was a poor country. Not until the Irish turned toward the supply-side school in the late 1980s did their fortunes turn around.

The recovery inspires awe. The Irish economy grew nearly 10% in 1999 and has averaged more than 9% a year growth since 1996. The rest of the EU nations? Their growth has languished at 2% to 3% a year.

Thanks to a low corporate tax rate - and getting lower on schedule - the numberof Irish jobs has increased between 4% and 7% each year over that same period.Compare that with the rest of the EU, where annual job growth has barely topped 1%. Before then, Ireland was gaining jobs while the EU nations were losing them.

This green strength hasn't gone unnoticed. Nearly half of all new North American investment in western Europe goes to Ireland.