European Commissioner and former minister for finance Charlie McCreevy tonight heaped praise on Ryanair boss Michael O'Leary for bringing competition to the airline industry.
With the budget carrier's €1.4 billion takeover bid for Aer Lingus floundering, Mr MCreevy, head of the EU's internal market, said the no frills policies were good for the Irish economy revolutionising business.
But he declined to say whether or not he would support the hostile bid.
"We have to ensure that we keep the bracing winds of competition blowing because only then can we ensure that businesses will serve their customers well," he said.
Speaking to invited guests at the Investment Bank of Ireland (IBI) 40 thanniversary dinner at the Four Seasons Hotel, Mr McCreevy said Ryanair was a massive success story.
"I do not want to enter into the current Ryanair/Aer Lingus battle. But let me say this, nowhere have the benefits of competition and open markets been more obvious than in the areas of transport and communications," he said.
"I know that IBI brought Ryanair to the stock market. When it comes to drawing up a list for the economic history books entitled: Which Irish company transformed Ireland fastest? Ryanair will be at or near the top of the list."
And the former Government minister went on to heap praise on Mr O'Leary.
"On so many fronts Ryanair has been a phenomenal success story. It has transformed people's lives, transformed business opportunities, even transformed attitudes.
"With a more than tenfold increase in passenger traffic into and out of the country since it brought competition to the market, it has transformed activity levels in a multitude of connected businesses."
Mr Creevy noted car hire, aircraft maintenance, baggage handling, hotels, guest houses, pubs, restaurants, retailing and leisure activities.
"Not to mention helping to transform the tax base," he said.
"I suspect that Michael O'Leary and his company have paid more in corporation tax and capital gains tax in Ireland in one year than other, much longer established entities have paid in their entire history."
"I mention this because I have noticed over many years - sometimes in parts of the public sector - so much begrudgery towards this great success story." Mr Creevy also noted the importance of the model Ireland had adopted to sustain economic growth.
He said open markets drive scale economies, incentives to innovate, and output efficiencies which in turn underpin higher living standards, fuller employment and sustained competitiveness.