The 1998 Belfast Agreement incorporated both devolution and transnational linkages in order to achieve a cross‐community consensus in Northern Ireland. The article argues that during the negotiations, moderate nationalists and unionists accepted that these elements were interdependent, and that rather than working at cross‐purposes, devolved and transnational institutions could be made mutually reinforcing. Devolution, in the form of the Northern Ireland Assembly with executive powers, addressed important issues of self‐determination and political accountability, facilitating the two‐way process of establishing formalised links between both parts of Ireland. Though a multi‐layered institutional arrangement, the Agreement creates a unique political space for the people of Northern Ireland in which a region gains greater autonomy and significant cross‐border opportunities for co‐operation. Realising these benefits will take time. In the short run, major obstacles, involving contentious issues like decommissioning, police reform and parades, call into question whether Northern Ireland's parties have the political will to build a shared future as outlined in the Agreement.