Brian Cowen (Laois-Offaly, Fianna Fail)

The independent review of the economic regulatory environment, which is being carried out by the Economist Intelligence Unit, in partnership with Compecon Limited, commenced in May last year and is expected to be completed shortly. It is intended to publish the report following its presentation to the Government. I understand it will be brought to the Government from the middle to end of this month. A statement will be drafted and the report will be made available for consideration both inside and outside the House.

Ireland ranks well in terms of the setting up of businesses and how they operate. One complaint made about the financial system, internationally and perhaps domestically, concerned the light regulatory touch and whether it was of sufficient oversight given the level of innovation taking place. From time to time, the argument changes depending on the general and the specific criteria involved. Ireland ranks fourth across the OECD and second in Europe for the proportion of early stage entrepreneurs which indicates economic activity in Ireland is higher than in other comparative countries. There is a track record of being proactive in supporting enterprise and pragmatic in policy-making.

The IMD Business School ranks Ireland as third in the world in attitudes and values and joint second in openness to foreign ideas. Ireland has moved up two places to 12 in the competitiveness score card and is ranked fourth in the world for business efficiency. Being a highly trade-orientated economy, this international data points out the Government is proactive in this area.

A project is under way to examine reducing red tape for businesses by 25% which will be concluded and implemented in the next couple of years. It is an area we must guard against, particularly in times of recession. Lightening the burden on business while ensuring best international practice and high ethical business standards is a balance we must achieve all the time. The indications are that Ireland is in the higher quartile of countries in encouraging that type of regulatory and economic environment.

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