gabriel makhlouf : remarks at the eu heads of mission meeting remarks by mr gabriel makhlouf, governor of the central bank of ireland, at the eu heads of mission meeting ( homs ), embassy of the republic of bulgaria in ireland, dublin, 22 january 2025. * * * good afternoon everyone. it's a pleasure to have the opportunity to address you today. thank you in particular to ambassador andreeva - malakova for the invitation. allow me to start by acknowledging your important work in navigating an increasingly complex international environment. open dialogue and mutual respect have laid the groundwork for the meaningful cooperation at the core of our shared european project. it is also fundamental to the functioning of the broader international rules - based order that we have become familiar with over the last 80 years. and let me say, for the avoidance of doubt, that i remain a believer in the potential of international connectedness to strengthen communities rather than weakening them. ireland's track record is a testament to that. the first 50 years of independence are in stark contrast to the second 50 : from isolated protectionism to being part of the largest single market in the world. our economic success has not been linear but it has run in tandem with that of the rest of the eu. we know what happened following the financial crisis just over a decade ago. but our strong mutually beneficial relationship has ensured that ireland remains a vital part of the european project, contributing to and benefitting from the stability and opportunities it affords. the relationship underscores the importance of continued collaboration and shared progress. but it is also obvious that we are in another period of transition across the globe. political leaderships are changing across europe and across the atlantic. we have a new european commission and european parliament, where half of the meps are newly elected. this period of political change comes at a pivotal moment. the global geopolitical landscape faces significant strain and complexity, driven by competing interests, shifting alliances and increasingly independent economic blocs. the russian war on ukraine and its people threatens the principles of sovereignty and territorial integrity that has underpinned the international order that was established 80 years ago. the conflicts in the middle east and in sudan are human tragedies that we have become uncomfortably familiar with. simultaneously, the rise of economic nationalism and trade disputes have created friction between major powers. relationships appear to oscillate between competition and cooperation with resultant impacts on our individual and collective ability to tackle climate change

of jurisdictions with systemically important financial centres that held up well through the crisis – notably canada, singapore, hong kong and australia - was the presence of a handful of strong anchor banks in each of their systems. 9. we have continued to liberalise the system, a decade after the first major steps that introduced qfbs and enhanced the space for wholesale banks. in 2012, we took steps to encourage foreign banks to deepen their roots in singapore. mas will allow a significantly rooted qfb to operate an additional 25 or up to 50 places of business, as part of an overall fta package negotiated with the home countries of these qfbs. 1 / 6 bis central bankers'speeches in september 2018, we announced that fintechs and other non - bank financial institutions will be granted access to the fast network for real time payments. this is a major step towards making our payments system open, accessible and competitive. 10. but we are in fact at the threshold of a further and more fundamental transformation in banking. the far reaching effects of digitalisation are stimulating a fundamental re - think of the role of banks, in most advanced financial centres. the ramifications go well beyond those ushered in by the technologies and business models of a decade or two ago. 11. we must take advantage of these opportunities that digital finance brings, and not be overtaken by the wave of changes taking place globally. 12. we must allow for greater competition and spur greater innovation in finance – competition between new and traditional business models, new players and incumbents, and different ways of using technology to serve business and individual customers better. we must also retain strong local anchors and trust in the banking system. these dual objectives have guided our past liberalisation initiatives, and motivate our next moves. 13. as we embark on this new phase, however, it is worth reminding ourselves of our real purposes in finance. innovation in finance is not an end in itself. and competition in finance has to be more than a zero sum game - it has sometimes looked like that, as trading desks compete against each other to be a fraction of a second faster and to knock the other out. competition and innovation has to be aimed at serving the needs of society and the economy better, here in singapore and abroad. so it is worth reminding ourselves of these larger purposes and opportunities. i will highlight five : first, financing the growth of infrastructure in emerging asia, and increasingly of climate - resilient, low -