Dr. Dermot Coates:

It is important to take this in the broader context, which the Competitiveness Council will refer to in September, of the changing geopolitical backdrop. We have become accustomed to a stable, rules-based trading environment where everybody knew the rules, but there is a risk that ground is shifting under our feet. We see that not only in the Inflation Reduction Act in the US, but also to an extent in the mandate around open strategic autonomy in the EU. That change would suggest a move to a more interventionist role for the state in supporting firms. We see that in IPKeys and other initiatives. For a small, open trading economy like Ireland, the level playing field scenario is most important for us to continue to compete openly on international markets for consumers and through our supply chains. The Department, the council and others continue to monitor and advocate on behalf of maintaining that level playing field.

It is worth bearing in mind we are working our way through both the green and digital transitions. It will to some extent require a more assertive role for the State, not just here but across the world, to push that forward. That is temporary; it is a transition and not a permanent reset. It is important to keep our eye on what we want to maintain and on the value of free trade in a rules-based, common, well-understood system. I am not sure that entirely answers the question.