The social partnership process is acknowledged by most independent observers as an important cornerstone underpinning the rapid economic growth of Ireland. It is seen as a virtuous circle in the economy between government, employers, labor, farmers and voluntary groups encompassing pay, profitability, investment, employment and tax reform. It means that all groups in Irish society have a stakeholding in economic and social progress and in the strengthening of social cohesion. The real secret behind the success of the Irish social partnership model can be summarized in one phrase - a shared understanding characterized by a problem-solving approach designed to achieve consensus.