The economic crisis of the late 1970s was fuelled by the Fianna Fáil government's budget, the abolition of the car tax, excessive borrowing, and global economic instability including the 1979 oil crisis. There were significant policy changes from 1989 onwards, with economic reform, tax cuts, welfare reform, an increase in competition, and a ban on borrowing to fund current spending. This policy began in 1989–1992 by the Fianna Fáil/Progressive Democrat government, and continued by the subsequent Fianna Fáil/Labour government and Fine Gael/Labour/Democratic Left government. Ireland became one of the world's fastest growing economies by the late 1990s in what was known as the Celtic Tiger period, which lasted until the global Financial crisis of 2007–08. However, since 2014, Ireland has experienced increased economic activity.