In other economies, rise in US dollar price of oil has been offset by an appreciation of exchange rates. 19.
Onto the national political system level falls the challenge of striking a new social contract, reorienting expenditure, modernising tax systems, promoting flexibility, strengthening competitiveness. In Ireland we believe that if we are to stay on the path to a successful consolidation and adjustment continued efforts are needed at both national and European levels. Other countries are facing or may face the same challenges.