Ireland-Wide Economy Highlighted

Leading international economic experts including US economist, Professor Barry Eichengreen of the University of California, Berkeley, has addressed delegates at the second annual InterTradeIreland Economic Forum.

It was held in Belfast this week and saw Professor Eichengreen taking part in a panel of experts, chaired by Maeve Donovan, a former Managing Director of the Irish Times.

They are both pictured here (by Aaron McCracken/Harrisons) with InterTradeIreland Chairman, Dr David Dobbin, centre.

The other speakers included noted commentators Will Hutton, columnist for The Observer newspaper and Linda Yueh, who appears regularly on the BBC to explain the Asian economies.

A perspective on how the island can position itself to take advantage of economic recovery was provided by Michael O'Sullivan from Credit Suisse Private Bank.

The InterTradeIreland Forum provided a high-level audience - including economists, economic commentators and senior policy-makers from across the island of Ireland - with an opportunity to examine the global forces that will shape economic recovery.

There were also opportunities to discuss the local policy decisions and direction required to ensure that Northern Ireland and Ireland are in the best position to avail of the new economic situation.

Will Hutton, Executive Vice Chair of the Work Foundation, stated that, in his view, the Republic of Ireland faces the most challenging economic conjunction since 1948. Northern Ireland paradoxically, although in an acute situation, is in a much better position since it isn’t quite so involved in the aftermath of the credit crunch as Dublin and London.

Michael O'Sullivan referred to the potential for recovery saying that the UK and Irish economies have never had more in common. Both are faced with indebtedness and they need to move from a consumer to an investment-led economy to face the many global challenges.

Linda Yueh referring to the emerging economies, advised that for richer countries to grow they have to innovate. It is easier for poorer countries to grow, as they have to pass the technology barrier.

Key note speaker, Professor Eichengreen, concluded: "The economic downturn has provided a great opportunity to finally re-think and re-shape the global financial architecture in order to ensure economic sustainability, growth and financial stability.

"Today, more than ever a constructive debate on these matters is necessary."

Closing the conference, InterTradeIreland Chairman Dr David Dobbin said: "Through the insightful observations of the speakers' panel, the Economic Forum has given us a broad picture of the shape of the recovery and how greater cooperation can enhance the opportunities emerging from the economic crisis and overcome its challenges."

(BMcC/GK)