than previously but the period was also punctuated by an extremely damaging crisis. [ xxxix ] this was clearly an extremely difficult time. the number of people in employment fell by over 350, 000 from the beginning of 2008 to 2012. [ xl ] net migration for ireland turned negative from 2010 to 2014 as more people left ireland than came here. [ xli ] some of your brothers, sisters, cousins or friends, may have had to emigrate from ireland to find opportunities in places like canada, australia and new zealand. so while the economy has benefited greatly from its openness, the crisis showed just how vulnerable we are to shifts in global economic and financial conditions, in particular when large domestic imbalances are allowed to build up. looked at from ‘ eye - level, ’ recognising the risks we face and building resilience to inevitable downturns is a key lesson to learn from this difficult past. looking ahead, i want to talk about four particular transitions that we need to be prepared for : the uk ’ s withdrawal from the eu, climate change, technological change and change in the financial system. brexit let me start with the uk ’ s withdrawal from the eu. brexit represents an enormous change – and transition – for the citizens of ireland, for many irish firms and for the economy as a whole. our work on brexit has spanned across our mandates, and we have published extensive analysis of, and advice on, the risks and the steps required to mitigate them. [ xlii ] ensuring that people, households, firms and the country adapt, adjust, and manage this change is a constant process. brexit will inevitably bring disruption – even with a ‘ deal ’ – which, by its very nature, will dissipate over time. but we must not lose sight of the inevitable long - term costs. any form of brexit will be damaging for ireland. our work will continue over the coming weeks, months, and indeed years as we all transition to the new arrangements, whatever they may be. the fact is that the process is far from over ; simply having a withdrawal agreement is not the end of the road but only the end of the beginning. [ xliii ] climate change climate change is having a profound effect on our planet, societies and economies. and the transition to a low - carbon economy will require adjustments by all of us : consumers, businesses and policymakers. central banks have become acutely aware

consider electronic means of payment to be more in keeping with the times. this divide is also reflected in public opinion about cash. on one side of the spectrum, there is at times talk of cash as a " curse " or a technology of a bygone age. at the other extreme, there are some who believe that we are heading knowingly towards a cashless society – and thus entering a world devoid of privacy and data protection. of course, books on polarising topics need to exaggerate in one direction or the other. when it comes to the multifaceted question of the future of our money, though, i don't think it's particularly helpful to see things only in black and white. 3 the book's key messages ladies and gentlemen, the main thrust of this book is to engage precisely with this often - impassioned debate on the future of our money by presenting and appreciating different viewpoints in an objective and balanced manner. 2 / 4 bis - central bankers'speeches we achieve this by considering the various aspects of money and currency from all manner of angles in the hope that the resulting insights yield a particularly nuanced, and at times even surprising, new overview. a conscious decision was made to cover a broad range of topics : from the history of money in europe to the symbolism and special importance of currency in the context of german monetary union and ultimately of european integration, all the way through to the money of tomorrow in an era of digital transformation. these are illuminated from an economic, philosophical, sociological or – as heard at the beginning – psychological perspective. i am very grateful to each and every one of this book's truly renowned authors for their enlightening contributions. the end result is, i believe, a unique compendium containing 33 individual perspectives. the contributions to the book are divided into three parts. the first covers money and currency in europe. these contributions shed light on aspects of european integration, put the role of cash into an economic and legal context, and explore the history of money. the second part of the book focuses on the special significance of national central banks in supplying cash to the domestic economy. we start by looking at germany and the bundesbank's prominent role in germany's cash cycle. we then broaden our horizons beyond the euro area and embark on a journey through the world's large industrial nations and emerging market economies. national central banks from major g20 countries explore three key issues