The ECB’s Governing Council, of which Governor Hurley has been a member for many years, is tirelessly working to make the euro area better off. I am also optimistic about the prospects for this country. The Irish economy clearly faces severe challenges over the next few years – and hard decisions will have to be taken.
But in many ways, the Irish economy is an excellent example of some of the characteristics that foster global competitiveness – in its openness, its flexibility and its high levels of education. And this has paid off in significant increases in income per capita. 9  6  For a review of wage arrangements across euro area countries, see DuCaju et al. (2008).