Dr. Simeon Djankov:

Then I think there would be plenty for countries like Ireland, Bulgaria and so on.

As to the question on future jobs, there are some sectors that are emerging purely because of the demographics in Europe. For example in health services at the high-tech end - how to use new technology to make lives longer but also more comfortable - we estimate that over the next 15 years or so in Europe, the number of people involved in that sector will need to triple. Some aspects of healthcare are low-tech, for example taking care of the elderly on a personal level, visiting their homes, preparing meals for them and so on, and some of it is very high-tech, such as dealing with people with particular disabilities, mental or otherwise, that are basically disabilities of old age.

This sector is currently severely under-provided in most of Europe and because of demographic trends it will be more severely under-provided throughout Europe. Literally every country in Europe needs to think of retraining people in that field. Also, there are business opportunities in this area. Given that Ireland has quite many high technical industries in other sectors, such as pharmaceuticals and the Internet and technology companies, high-tech medical care and the whole vertical of preparing new treatments dealing with old age presents a huge business opportunity as well as a social opportunity for Ireland.

In another sector which is close to Senator Horkan's heart, he mentioned accounting. As I mentioned technology in principle for accounting, the part which is routine is becoming a lot easier. Of course, nothing is routine about European taxation and it becomes less and less routine over time. That also allows the possibility of countries or economies to specialise in providing this type of service.

Ireland has a strong tradition of law and justice and upholding commercial law and so on and this is an area in my mind in which Ireland can specialise. This is a tremendously lucrative area, high in jobs and in an area in which Ireland has a comparative advantage it can build on. Both sectors have low-tech and high-tech components. This is not just confined to preparing the upper middle class of the future. Many of these jobs are jobs where workers can develop their careers.

The topic of Brexit is also relevant. There is more uncertainty around what is happening in England and with that uncertainty, especially around the city of London, many global investors are thinking of where these functions will locate. Dublin, in particular and Ireland overall is the obvious place for this work.