Gabriel Makhlouf: Time to act - monetary policy and inflation

Remarks by Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland, at the IBEC National Council, 12 May 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning, it is a pleasure to be here with you this morning to discuss the Irish economy. I will outline the Central Bank's latest views on the overall economic outlook before discussing inflation and monetary policy, and some medium-term issues for the Irish economy.

First though, I would like to highlight how important events like this are for the Central Bank. I believe the next decade will continue to be characterised by rapid change in our economies and in the financial system, driven by technology, by the need to respond to climate change, by an ageing society, and, perhaps most immediately, by the move to different ways of working. At the Central Bank, we will need to accelerate our own pace of change to meet the challenges and the public's expectations of us.

Our recently published strategy recognises this emerging context, and the need to change the way we work and what we work on. We also recognise that events like this one give us the opportunity to listen to individuals and businesses across the country so that we can understand the issues they are facing and help them to understand the actions we are taking in response.

I look forward to hearing your perspectives on what is happening in the Irish economy.