Mary Holland, The Irish Times columnist who chaired proceedings, said that while there was great hope in some aspects of Ireland's performance, there was also cause for dismay in others.
"Prosperity has not brought, in all spheres, the greater harmony and greater social justice for which we had hoped.
"One of the tensions rising in the most worrying way is that of racism," she added.
She said there had been a lack of generosity shown towards those who had come to Ireland in recent years. As a nation of emigrants, the Irish had depended on the generosity of other people's welcome, particularly in the United States.
"It seems the most tragic of ironies that now when we are challenged ourselves to welcome other people and give them a chance, we seem to find it so difficult," she added.
Paying tribute to the contribution of the US ambassador, Mrs Jean Kennedy Smith, to the peace process, Ms Holland said her "presence, energy, sympathy, her commitment to peace and democracy and to all the parties in the North, have kept hope alive during very bleak times"