Staff from the European Commission, in liaison with staff from the European Central Bank, visited Dublin from 16 to 19 May to conduct the seventh post-programme surveillance (PPS) review mission for Ireland. While the outlook for the Irish economy remains bright, external risks are significant. Ireland has made substantial progress in addressing crisis legacies, including by repairing private sector balance sheets, reducing public debt and creating employment. Moreover, growth of the domestic economy remains robust, driven by positive developments in the labour market, consumption and core investment. However, some of the striking headline figures are heavily distorted by the activities of multinational enterprises. Risks to the economic outlook remain tilted to the downside and include uncertainty surrounding the final outcome of the negotiations between the UK and the EU; possible changes to international tax and trade policies; subdued credit demand; and an acceleration in residential property prices.