Minister Coughlan defended how the Government handled the economy during an interview with Marian Finucance on RTÉ radio.
She admitted that there was an over reliance on the construction industry and said the country took its eye off the ball and was over exuberant.
However she said we did not blow the boom because we paid off our debt, invested in pensions and provided new services.
The Minister for Enterprise Trade and Employment also said competitiveness is hugely important and she is looking at ways we can reduce costs and attract more investment here.
However she said we are not a low cost economy and that is not necessarily where the Irish people want to be.
