Tom Donohue is an artful talker in the staccato style of many New Yorkers. With scant time for "the environmentalists, the no-growth people and the urban sprawl people", he says "over-regulation" is the enemy of business expansion. So the president of the US Chamber of Commerce resists what he claims is the "demagoguing" of "nay-sayers".

At a morning meeting before his appointment with the Taoiseach, Mr Ahern - to gain a first-hand insight into the Irish economy - he briefly sketches an insider's analysis of the Clinton-Greenspan boom.

Strong productivity growth was the key, buoyed by new technology-based industries and the application of technology in older sectors. He says no-one could have predicted such speedy advances. "If I said that six or seven years ago, you would call my wife and suggest she put me in a rest home."

A 62-year-old Republican said to be adept at the Washington game, Mr Donohue's organisation represents three million companies. He appears at one with the economic strategy of the Bush government and the Federal Reserve, chaired by Mr Alan Greenspan. In addition, he sees many parallels between the US and Irish economies.

President Bush is a man of "extraordinary sensitivity and experience", he claims. No surprise then that Mr Donohue supports tax cuts likely to release almost $1.5 trillion into the US economy. And yes, he wants a strong dollar - but not too strong.

He also believes Mr Greenspan was correct to reduce interest rates by one percentage point since the start of the year.

Of the tax policy that was a cornerstone of Mr Bush's election campaign, he says a cut is needed to stimulate demand. "We have seen huge surpluses and too much money taken out of the pockets of the investing public."

So will the wealthy gain far more than the poor? This is necessary, Mr Donohue claims.

"If you don't do that you're just going to take money out of the tax system and not into the hands of the those that'll spend it," he says.

"The bottom 40 per cent of Americans pay 5 per cent of income taxes and the top 10 per cent probably pay well over 60 per cent. . . It's very hard when you listen to all those people demagoguing to ask the question of what's the percentage of the taxes they pay."

When asked how much money should be released into the economy in this way, Mr Donohue says a major cut worth $1.3-$1.4 trillion would make a large difference.

It is crucial, he adds, that monetary policy acts in concert with such a fiscal strategy.

Of the downward trend in interest rates, he says this is welcome because the pendulum had swung too far in the opposite direction.

With these factors in play, Mr Donohue argues the boom can continue. The technology revolution has yet to reach much of traditional industry, and workers, through training and education, could become more productive. Improving the movement of goods, information and people was also important. Enhancing competitiveness in this manner would ease the inflationary impact of rising energy prices.

While pointing out that the US has a smaller percentage of the world economy than the EU, Mr Donohue agrees that its growth has been a crucial driver of the boom in the Republic. Well-briefed on the Irish scene, he describes the State's performance as the "miracle of Europe".

Governments were accommodating to business and correct to identify inward investment and a well-trained workforce as the engine of growth, he says. Other factors conducive to links with the US were a strong work ethic and the State's proximity to its EU partners.

The US chamber was "very concerned" about infrastructure in the Republic, but Mr Donohue acknowledged President Bush faced similar challenges. With a shortage of skilled labour and major infrastructural projects needed to grease the system, the Irish and US economies were walking hand-in-hand.

So was the EU Council of Ministers correct to rebuke the tax package introduced by the Minister for Finance, Mr McCreevy?

"Everyone has to work to keep their inflation rate down. It's not a concern unless you're reaching rates of 5-6 per cent for long periods of time."

Mr Donohue believes the council was sending a message to larger EU states such as Germany and France that it will not tolerate any deviation from its guidelines.

"They're saying we can do this with Ireland and we'll do it with you," he says. The point was important because the larger economies are central to the performance of the EU and the euro.

What of the dollar's strength against the euro? Currency values were not a definitive thing, but a reflection of the relative strengths of their home economies.

"The value is set by the market. It's not set by the US government - only God knows how. Money moves to where it's safe, welcome and stable. . . I think the euro is a coming currency. "Do we want a strong dollar or a weak dollar? It's good to have a strong currency, but if it gets too strong we're not going to be able to do all this business. What do I think about the dollar and the euro? They're two of the strongest currencies in the world."

How does Mr Donohue rate the European Central Bank vis-a-vis the Federal Reserve? "The Fed is at it a long time and you can attempt to influence it as a central bank. The President and Congress can jawbone them, but it's talky-talky-talky and trying to get them to see the light."

The ECB was still only in its infancy. Looking forward, Mr Donohue believes industry is "clearly over-regulated". In the rush to get things right, he says regulators stifle business. "We have a marketplace. We want work safety - they've overdone it. We want a clean environment - they've overdone it. Every industry needs regulation - that's OK so long as it's moderate and sensible."

Mr Donohue has other concerns, among them greatly increased life-expectancy in the US and its economic implications. Fewer workers will pay taxes used to support greater numbers of pensioners, which is also problem facing the Republic. "One great thing about demographics is that you can't argue about them. People are either born or they're not born."

Another issue is Mr Donohue's desire to remove trade barriers with governments the US shirks dealing with. About 50 states have been sidelined, for "well-intended purposes" he says, but that only created opportunities for competitors to the US.

He rejects suggestions that the global system cannot deliver better lives for the poor in less-advanced economies.

What of the AIDS problem in Africa, one with significant demographic implications? "If you had the AIDS epidemic in Africa 25 years ago, nobody would have noticed it. Here's what I say to the nay-sayers, go look at that. . . Progress is being made. It is measurable. It is calculable. It is a fact.

"We're not trying to export our own system. What we're trying to do is to share our tremendous benefits and blessings by the expansion of global trade in a fair and equitable manner."