Oireachtas Joint and Select Committees
Thursday, 2 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
Well, obviously, it is true that, as I said before, domestic demand became a greater component of growth than export. But the level of export growth we were achieving up to then wasn't necessarily sustainable either, because what was happening is you had ... you were moving from being a low-wage to a higher-wage economy and that would have its own cost competitiveness impacts. My point is that the broader definition of competitiveness shouldn't simply focus on cost but also focus on quality of infrastructure to build productive capacity and quality of people.
No comments