CAIA BEPS tool, the Irish Central Statistics Office ("CSO") had to re-state Irish 2015 GDP as Apple's CAIA tool had artificially inflated Irish GDP by 34.4%; an event Paul Krugman christened in July 2016 as Leprechaun economics. Because the Irish CSO delayed the re-statement and redacted normal economic data to protect Apple's identity, it was not until January 2018, that economists could confirm Apple as the source of "leprechaun economics", and that at $300 billion, was the largest BEPS action in history. By February 2017, the distortion of Irish economic data by Irish BEPS tools had grown so large, that the Central Bank of Ireland replaced GDP with Modified GNI; 2017 Irish GNI* is 40% below Irish GDP (see Table 2). In November 2016, Ireland signed the OECD BEPS Multilateral Instrument ("MLI") to curb global BEPS tools but opted out of Article 12 to protect the Single Malt and CAIA BEPS tools. In March 2018, the Financial Stability Forum showed Ireland's Debt–based BEPS tools made it the 3rd–largest Shadow Banking OFC in the world. In June 2018, tax academics showed Irish IP–based BEPS tools were artificially distorting aggregate EU GDP data, and had artificially inflated the EU–U.S. trade-deficit. In June 2018, tax academics confirmed IP–based BEPS tools had made Ireland the world's largest tax haven, and that the $106 billion of annual corporate profits shielded by Irish BEPS tools, exceeded the BEPS flows of the entire Caribbean tax haven system. Key features Intellectual property Ireland's main BEPS tools use intellectual property (IP) to effect the profit shift from the higher-tax locations to Ireland, via royalty payment schemes. To avoid incurring Irish corporation tax on these shifted profits, the BEPS tools either send-on the profits to traditional tax havens (with explicit 0% CT rates) via royalty payment schemes (e.g. the Double Irish and Single Malt BEPS tools), or use intangible capital allowances schemes to write-off the profits against Irish tax (e.g. the CAIA BEPS tool). This is the reason why most U.S. multinationals in Ireland are from the two largest IP–industries, namely technology companies and life sciences; or, are specific companies with valuable industrial patents such as Ingersoll-Rand and Eaton Corporation. Ireland describes its IP–based BEPS tools as being part of its "knowledge economy"; however, U.S. tax academics describe IP as "the leading tax avoidance vehicle in the world". Despite its small size, Ireland ranks 6th in the 2018 U.S. Global