of its own assumptions to embed itself in nature. all this means that, if we really want to understand the macro - financial criticality of nature, we will need to engage in more conceptual and even philosophical debates. in other words, we cannot solve a problem with the mindset that contributed to generating it in the first place. 3. central banking in the anthropocene : some initial thoughts towards re - embedding our economic and financial systems within planetary boundaries what should we do, then, to re - embed economic and financial systems within our planetary boundaries? while i do not pretend to have the answer to such a question, let me open up a few avenues. as central banks and supervisors concerned primarily with price and financial stability, the first thing we can do is delve further into the assessment of financial risks, while being aware of the limitations of such an exercise because of the points i raised earlier. but perhaps we could at least be informed by some of the issues i discussed, and be willing to explore new frontiers. for instance : - how could we design scenarios that account for what ipbes experts are telling us, for instance with regards to the different values of nature, the rights of indigenous people and the need to think comprehensively about economic, social and environmental inequalities? - how much can the global economy grow while accounting for all planetary boundaries? and how to distribute this “ remaining growth page 9 sur 12 potential ” between rich and developing countries, as a fair transition is key? - what could be the impacts of lower growth rates or potential no growth on global value chains, on employment, on different economic sectors that could win or lose from the transition? - which assumptions do we make about demographic trends? i actually greatly appreciated that in his review professor dasgupta mentioned demography. i am aware that this is a delicate issue but it has several ecological and macroeconomic implications and we should be able to assess them. - how should we tackle climate change and biodiversity, taking into account the complexity of each of both issues but also their interaction? if you think that this is too political for central bankers, let me strongly oppose this view : what would be too political is to deny all the evidence gathered by natural and social scientists for the past decades. just one year ago, before the war, it would have been unlikely to think about potential energy constraints linked with a hybrid war. i wish more people had dared to work on disruptions of energy supply

spending commitments. in recent years, the public finances have benefited from an exceptional growth in corporation tax revenue. they have also benefited from savings on national debt interest payments due to the low interest rate environment internationally. since 2015, revenue from corporation tax has consistently outperformed the department of finance ’ s forecasts by an average of almost €1. 4 billion per annum. saving, rather than spending, such windfalls would help to mitigate against potential overheating and allow the build up of buffers which can be used in the event of future downturns. so, just as fiscal buffers can be used to absorb shocks to the economy, the financial system also needs to have such buffers. without these, the financial system may react in a way that further deepens the economic stress faced by households and firms in a downturn, by curtailing the supply of credit for example. indeed, the costs of the financial system having insufficient buffers to absorb shocks became painfully obvious in the crisis. the central bank ’ s mission is to serve the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates in the best interests of consumers and the wider economy. an essential outcome of this mission is strengthening the resilience of the financial system. this is one of our five strategic priorities of our strategic plan 2019 – 2021. our aim is to ensure that we at the central bank can, and do, play our part in strengthening the resilience of the system as a whole, building on what has been achieved since the financial crisis. so what has changed for the domestically relevant banking system since the crisis in terms of its resilience to deal with negative shocks? 5 / 8 bis central bankers'speeches at a headline level, three things come to mind : 1. its capital position ( relative to risk - weighted assets ) has improved almost threefold relative to 2007. 12 2. reliance on short - term wholesale funding from international capital markets has reduced. the share of customer deposit funding has increased from less than half to around four fifths. 13 3. funding costs have fallen and, despite recent market volatility, have remained contained. this suggests that counterparties ’ view of the creditworthiness of irish banks has not changed, which in itself is a reflection of the financial resilience of the core of the banking system. and what of the role of policy generally, and the central bank in particular, in promoting resilience