Taoiseach Announces Review of Economic Regulatory Environment
The Taoiseach today announced a Review of the Economic Regulatory Environment.
Speaking at the Annual Lunch for the International Financial Services Industry in Dublin Castle today, the Taoiseach underlined the importance of a high quality regulatory environment to Ireland’s continued competitiveness and noted that, “research undertaken by the IMF ranked the Irish system and structure of financial regulation first in the world in terms of its independence and accountability.”
The regulatory structures in key areas such as financial services, communications, energy, transport and health and safety have undergone significant changes in recent years. However, the Taoiseach noted that there is a need for “stronger international data and benchmarks to assess the comparative efficiency and effectiveness of Irish Regulators.”
This Review of the Economic Regulatory Environment, which fulfils a commitment contained in the Programme for Government, will allow the Government to draw on international experience and best practice in framing the future direction of sectoral regulatory policy. It will commence following an open, EU wide recruitment process for appropriate independent experts which the Taoiseach has launched today.
Ends.
12th December 2007