Government And Regulators Meet On Economic Strategy

The Taoiseach, Brian Cowen, T.D., convened a new Annual Regulatory Forum last week, which focused on ensuring that the economic regulatory system in Ireland is "fit for purpose," robust and responsive to changing economic, environmental and social needs.

The meeting held in Farmleigh House was attended by the Tánaiste and Minister for Enterprise, Trade and Employment and by the Ministers for Transport, Communications, Energy and Natural Resources and the Attorney General.  Nine key economic regulators also participated in the meeting. 

The establishment of this Annual Forum was one of the key commitments in the Government's Statement on Economic Regulation published last October.

The regulatory system in Ireland is seen as accessible and agile and part of the country's positive environment for business.  It needs to be continually adjusted to reflect the changing markets, new technological developments, the climate change agenda and international regulatory environment.  It must also support new and green technology and industries in line with the Government's plans for economic renewal.

After the meeting the Taoiseach indicated that, "today was a useful opportunity for Government to outline its priorities for economic recovery and renewal and to work with regulators in a more joined-up way on the contribution which a robust and responsive regulatory system can make to growing enterprise and jobs."  

In terms of follow-up, he said, "we have tasked the Departments and regulators to ensure that regulatory frameworks, including the powers and mandates of economic regulators, are sufficiently robust to be able to respond to major shocks and changes in their sectors and in the wider economy as identified in contingency planning."