No, low interest rates have fuelled the Irish boom. And, sure as eggs are eggs, it will end in a massive bust. The economic cycles of the different EU countries are all separate. But euro-zone countries no longer have the ability to modify their own interest rates to cope with their own economy. One interest rate will have to satisfy all the individual markets, and unfortunately one size does not fit all.
Different economies needs different interest rates.
Under the Maastricht Treaty, political leaders have no authority over the European Central Bank, which is led by the former Dutch central banker, Wim Duisenberg. The only way would be to raise taxes. It will be impossible to throw an offending country out of the euro. Once you are in the euro you are in for good. But one country failing to keep to its pledges will harm the economies of the others.