In the clearest hint to date that at least one position in the Taoiseach's upcoming Cabinet reshuffle has been decided, the Minister for Foreign Affairs, Mr Cowen, will deliver a major speech on the economy this evening.
With the Taoiseach due to announce his new Cabinet later this month, Mr Cowen is hotly tipped to succeed Mr Charlie McCreevy as Minister for Finance. Mr McCreevy has been nominated as Ireland's next EU Commissioner.
Mr Ahern is under pressure from within his party to move away from Mr McCreevy's rightist economic philosophy to a more centrist policy they believe will increase Fianna Fail's chances of re-election.
This month's Cabinet reshuffle is almost certain to be the last before the next general election and Mr Cowen's credentials as a pragmatic, rather than idealistic minister, have put him at the top of commentator's list as the next finance minister.
He is also considered the Taoiseach's closest Cabinet confidante and a future party leader.
Mr Cowen will tell the CIF this evening that growth in employment, and the economy in general, is likely to continue but the figures of recent years can no longer be expected as Ireland moves towards the lower growth model of mature economies.
He will warn that Ireland's international competitiveness must be maintained and in several references to policy, will say our open economy remains vulnerable to external factors.
"The reality of relatively lower growth, though still high by international standards, is
the context within which expectations and policy must be framed," he will say.
In addressing issues directly affecting CIF members, Mr Cowen will say the heavy investment in infrastructure of recent years will continue but warned that better cost control and price consistency will be expected.
"The Government expects the construction sector, which has benefited so greatly from public investment, to be competitive in terms of cost."
With controversy over house prices re-emerging this week, Mr Cowen will say the Government is committed to delivering on promises made to the social partners on socially affordable housing.
The Taoiseach promised 10,000 subsidised homes as a sweetener to unions during talks to agree a new national wage deal earlier this year but it was revealed yesterday that only 163 socially affordable homes have been built this year.
Mr Cowen will make little more than passing reference to matters relating to his current portfolio such as the EU and Northern Ireland and international security, during his speech.