'Less is more,' Harney tells delegates

In a move designed to bring some comfort to Ireland's business sector, Mary Harney has said that less regulation very often means more effective regulation.

The Tánaiste reiterated the Government's commitment to maintaining Ireland's competitiveness in the face of increasing global competition and to ensuring that Ireland remains one of Europe's most attractive locations in which to do business.

Harney cited the Economic Freedom Index 2004 compiled by the Wall Street Journal and the Heritage Foundation index, which found that Ireland had retained its fifth position in the list of the world's most free economies and is at number two in the European Union.

"Despite what some prophets of doom have to say from time to time, Ireland is hugely attractive to overseas investors and continues to increase it's market share of foreign investment," she said.

However, while keen to be optimistic about Ireland's economic performance she cautioned that Ireland cannot be complacent and made reference to electronics firm Philips decision to relocate 150 jobs from Dublin to Poland in a cost cutting measure.

"The message has to be not just that Ireland is both business and investor friendly but that our regulatory regime sets the standard for the rest of the world," she concluded.

The Tánaiste was speaking at the launch of the Government's White Paper on Regulation.