Ireland still needs to repay the bail-out loans and reduce its debt, and monitoring of the national finances will continue at the EU level (although now it will be based on the semester system in line with other Eurozone states, rather than the more controlling Troika process). The senior coalition partner, Fine Gael (EPP), is hoping that exiting the bail-out will generate enough satisfaction that things are slowly going in the right direction, even if people aren't feeling any benefit in their lives or in their communities.
For the junior partner, Labour (PES), this strategy is unlikely to work. Having campaigned in the election on a platform of "Labour's way or Frankfurt's way", there is little gain for Labour in a slow recovery (despite its attempts to capitalise on it). And not only is the economy bad for Labour, but when it comes to popular, more liberal, stances on social policy (abortion and same sex marriage, for example), it doesn't seem to boost Labour's position.
Whatever the position of the governing parties, there is really little to be excited about on the Irish economy. The stronger export sector has been an advantage, but with the general economic malaise in Europe and high levels of private debt in Ireland, it's hard to see where the growth is coming from. The bail-out and banking debts that the public have been saddled with results in continuing austerity with Kenny aiming for 2020 as the year recovery will be complete.
Ireland may be the star pupil of austerity, but it hardly demonstrates that austerity is a star policy.