merrion street

Taoiseach Enda Kenny today gave the keynote address at the U.S Embassy annual conference “Levelling the Playing Field: Strengthening Ireland’s Competitiveness”, at Croke Park.

Referring to the passing of the Stability Treaty referendum, the Taoiseach said:

This day last week the Irish people took another step on the path to economic recovery with their clear and decisive vote in favour of ratifying the European Stability Treaty. In doing so Ireland has sent a powerful signal around the world that this country is serious about overcoming its economic challenges.

The verdict of the people in the referendum will help to create the stability and certainty that investors in Ireland need. It will enable the strong flow of inward investment by multi-national companies to create new jobs in Ireland to continue.

The Taoiseach reiterated his belief that the European banking sector crisis needs to be resolved:

The developing situation in Europe's banking sector needs a comprehensive solution, and Ireland's banking debt must form part of that solution. Europe badly needs a success story as it seeks to recover; we have shown that Ireland can provide that success story if the right framework is put in place.

Recounting the steps taken by Government to address the crisis, the Taoiseach said:

Already, the progress that Ireland has made in repairing our damaged economy is well recognised internationally. Step by step, we are bringing our public finances under control through our fiscal consolidation programme. At the same time, my Government has brought a strong and determined focus to the agenda for growth and jobs.

We are expecting a second successive year of economic growth, driven by exports. The EU Commission expects Irish growth to accelerate to 2% next year, despite weak European performance; Employment grew by 10,000 in the last quarter in 2011 on a seasonally adjusted basis, the first quarterly growth since 2007.

The bond markets are clearly taking note of Ireland’s performance. Yields on 9-year sovereign bonds have more than halved since last July.

On Ireland’s competitiveness, the Taoiseach said:

The IMD World Competitiveness rankings published last week show that Ireland is now back in the world’s top 20 for competitiveness.

- We are number 1 in the world for the availability of skilled labour;

- We are 2nd in the world for productivity and efficiency;

- We are rated no 1 for our flexibility and adaptability when faced with new challenges; and

- We top the rankings on globalisation and reform.

Watch the Taoiseach's doorstep from the conference below: