Mr. Erik O'Donovan:

The evidence on regulation and member surveys suggests regulatory capacity is an investment attractor.

On the Deputy's point on the need to catch up and the question of how to build capacity, there are provisions in upcoming regulations on artificial intelligence on the use of regulatory sandboxes. The idea is that you use a framework that enables companies to test innovations and work in the public interest while working with the regulators to identify gaps or things that did not occur during the innovation phase. Through the use of regulatory sandboxes, there is an opportunity to build not only capacity in innovation but also capacity in the regulators, the aim being to equip them with skills.

I agree with the Deputy on circularity. The European Commission's Executive Vice-President, Ms Margrethe Vestager, spoke recently, on 30 September, to an IBEC audience about the digital transition. She said there is no turning back and that to solve problems and shorten current crises, we need some of the things that the digital and green transitions can bring. She very much said both are contingent on each other, or that there is a relationship between the two. As the Deputy said, digital passports and such things can help with the circularity processes and so on that people wish to build. It is very much an enabler-----