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The historical evolution of the economy of Ireland's South East region is traced, highlighting Waterford's key role as the region's leading urban centre and port. What had been a rather traditional regional economic structure underwent considerable modernisation in the last two decades, but lacks the sectoral specialisation which provides a strong economic base in other Irish regions. The National Spatial Strategy, launched in 2002, sought to promote regional specialisation in exporting sectors, but lacked the governance structures required to drive the process. The current National Planning Framework is more focused on building up the main regional centres, but is likely to leave Waterford City well short of the scale required to be competitive in global markets. An alternative strategy is proposed, whereby Waterford would work in collaboration with the South East's unique set of strong county towns to create a distinctive and coherent, region-wide and sectorally focused, urban system. The success of such a project, however, would be dependent on the creation of a strong regional government tier and the devolution to the regions of a wide range of powers and functions currently concentrated at national level.