Banking chief issues plea to encourage entrepreneurs
Administrative red tape should be cut to support entrepreneurs eager to set up in business, Ireland’s bank chief urged today.
John Hurley, Governor Central Bank and Financial Services Authority, said the country’s dynamic economy would continue to flourish if new enterprises were supported, not restricted.
“The administrative burden of establishing and running a business should be kept to a minimum; red tape should be eliminated where possible,” he said.
“We must continue to tailor our policies to promote growth and employment. It is also important that we are realistic in our expectations, whether in regard to incomes or what we expect to be delivered by way of public services.
“Our main challenge is to maintain international competitiveness so that we can continue to ensure sustainable economic growth over the medium to long-term.”
Mr Hurley told the Cork Chamber of Commerce the Irish economy had performed well over the last decade, compared to other European states.
“Our living standards have caught up with those of other advanced countries. This convergence was telescoped into the past decade, whereas other developed countries raised their living standards over a much more prolonged period since the Second World War,” he said.
The banking chief warned this rapid success had placed added strains and pressures on the country’s infrastructure.
Mr Hurley cautioned also that advances on the nation’s roads and telecommunications could not be achieved overnight.
He called on the Government to create new opportunities in the economy and to avoid focusing too much on one sector such as Information Technology.
“The important objective is that other opportunities are created and that the workforce is sufficiently flexible and skilled to be quickly re-employed. We have been quite successful at this,” he said.
“We must continue to tailor our policies to promote growth and employment. We must ensure a stable macroeconomic environment and continue with our successful supply-side policies and structural reform.
“This will leave us well placed to deal with the inevitable unforeseen shocks that will arise.”
Mr Hurley added so long as the low inflation rate but high price level was not exacerbated then the economy would continue to expand at a steady pace.
