There has not been a major review of tourism policy since the current boom began and much has changed in the meantime. After the successful decade of the 1990s, the industry is operating in a more turbulent environment and has experienced recent major external shocks. However, these adverse developments should not mask growing concerns about the price and quality of the product that we offer to our customers. The industry needs to sharpen its competitive edge to capitalise on the massive investment of €4.3 billion in the sector over the past decade.