On the other hand,  1  See, e.g., Rajan, R., and L. Zingales, 1998, Financial dependence and growth, American Economic Review 88, 559– 586; Hartmann, P, Heider, F., Papaioannou, E., and M. Lo Duca, 2007, The role of financial markets and innovation in productivity and growth in Europe, ECB Occasional Paper No 72.
Unlike many other structural reforms, improvements can be made in this area often with little social cost. A national consensus on the way forward is also important and the social partnership model has served Ireland very well.