Taoiseach Bertie Ahern and British Prime Minister Tony Blair have welcomed today's historic deal on powersharing between Sinn Féin and the Democratic Unionist Party.
It will give the people of Northern Ireland the future they wantBritish Prime Minister Tony Blair
"This morning saw unprecedented and very positive developments in Northern Ireland," the Taoiseach said in a statement.
"We move forward from today in an entirely new spirit and with every expectation of success," he said.
"I welcome the agreement ... This has the potential to transform the future of this island."
Mr Ahern confirmed he had spoken with Mr Blair and said that the new date of May 8th would be accomodated by both governments.
"In view of the absolute commitment to the restoration of the Good Friday Agreement institutions in six weeks time, and the intensive preparations for government that will now commence, the two Governments will accommodate this new date."
"I urge all the parties to make best use of the preparatory period now available to ensure that the new Executive will be able to discharge its responsibilities with full and immediate effect on May 8th."
Mr Blair described today as an important day "for the people and the history of these islands".
He described the meeting between the Rev Ian Paisley and Sinn Féin's Gerry Adams as "a remarkable coming together of people".
And he said all the work of the last 10 years "has been a preparation for this moment".
Today's deal would "not stop republicans or nationalists being republicans or nationalists, nor unionists remaining unionists," he said.
He went on: "What it does mean is people can come together, respecting each other's point of view and share power and make sure politics is only expressed through peaceful and democratic means.
"And in that it will give the people of Northern Ireland the future they want and give heart to all of us who have wanted this process over the past few years.
"Now at last we have a date certain for the devolution of power and a remarkable coming together of people who have, for very obvious reasons, been strongly opposed in the past."