A new Annual Regulatory Forum, focused on ensuring that the economic regulatory system in Ireland is ‘fit for purpose,’ robust and responsive to changing economic, environmental and social needs, has been announced by Irish Prime Minister, Brian Cowen.
The meeting held in Farmleigh House, Dublin, on February 26, was attended by Irish Deputy Prime Minister and Minister for Enterprise, Trade and Employment, Ireland’s Ministers for Transport, Communications, Energy and Natural Resources, the Attorney General, and nine key economic regulators.
Cowen noted that the regulatory system in Ireland is seen as accessible and agile and part of the country’s positive environment for business. However, he observed that it needs to be continually adjusted to reflect the changing markets, new technological developments, the climate change agenda and international regulatory environment. It must also support new and green technology and industries in line with the Government’s Framework for Economic Renewal (Building Ireland’s Smart Economy), he added.
In a statement after the meeting, Cowen said: “Today was a useful opportunity for the government to outline its priorities for economic recovery and renewal and to work with regulators in a more cohesive way on the contribution which a robust and responsive regulatory system can make to growing enterprise and jobs.”
In terms of follow-up, he said: “We have tasked the departments and regulators to ensure that regulatory frameworks, including the powers and mandates of economic regulators, are sufficiently robust to be able to respond to major shocks and changes in their sectors and in the wider economy as identified in contingency planning.”
Concluding Cowen informed that he had asked for a report on the outcome of the ‘stress testing’ of Ireland's regulatory systems, which is to be completed by the end of the year.
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