Increased competition is vital

GOVERNMENT policy should focus on encouraging fostering competition in all aspects of Irish economic life in order to increase cost competitiveness, leading economist Dan McLaughlin said urged yesterday.

Speaking at an American Chamber of Commerce Ireland function in Dublin, the chief economist at Bank of Ireland also hit out at the culture of dependency which exists in Irish society and industry.

"Official policy should now concentrate on enhancing productivity via better management of the National Development Plan, maintaining a high rate of capital investment in public infrastructure, and by a commitment to fostering competition in all aspects of Irish life," he said.