sharon donnery : meeting the climate challenge remarks by ms sharon donnery, deputy governor of the central bank of ireland, at the global insurance summit europe, london, 27 november 2024. * * * on behalf of the central bank of ireland, it is my great pleasure to welcome you all to the global insurance summit europe here today at our docklands campus for which we are delighted to co - host with the un. 1 many of you have travelled long distances to be participate in this event and indeed for sustainable finance week more generally, but it is wonderful to have you here today and we are really looking forward to your contributions and insights. my thanks to stephen and un colleagues, and to colette and the team at ifscoe, and to geraldine here in the bank for their collective efforts in making this event happen. i also want to especially thank butch for moderating here today. clearly in trying to solve a global problem we need global solutions and the work of the un in this space in general is paramount – encompassing all aspects of society and our economies, and i am really looking forward to your insights. to my mind, to achieve success in the climate space there is a need for us all to embrace the challenge and to seek to make tangible progress. the role of central banks i am still struck at times at having to make the case for why central banks are focussed on climate – but it is a case i am more than happy to make. as a central bank and integrated regulator we see climate change impacts across all of our mandate. for example, climate change and the transition have profound implications for price stability through its impact on both structural and cyclical dynamics of the economy and the financial system. 2 this should be no surprise given the macro - economic significance of the challenge, the volatility of the transition, and the sweeping nature of the change necessary to our economy and daily lives. similarly in terms of financial stability, systemic risks from climate change have been recognised for a number of years now, including the potential for extreme climate events or a disorderly transition to a low - carbon economy to have destabilising effects on the financial system. again, this should be no surprise – with the experience of extreme weather events in recent years merely glimpses of what a disorderly future might look like. 1 / 4 bis - central bankers'speeches in this regard, climate and environmental risks and considerations also play a clear part in our role in the proper and effective regulation of financial

gabriel makhlouf : the economic outlook remarks by mr gabriel makhlouf, governor of the central bank of ireland, at market news international, 11 june 2020. * * * accompanying slides of the speech. introduction good afternoon. it is a pleasure to speak to you today. 1 in my opening presentation i would like to first discuss the developments in the euro area economy, the economic outlook for the euro area, and give some views on the recent decisions taken by governing council of the ecb. i will then give an overview of how the pandemic has impacted the irish economy and financial sector in ireland and discuss some pre - existing risks, like the uk ’ s departure from the eu. * * * developments and economic outlook for the euro area economy it is now clear that the covid - 19 pandemic has caused a very substantial shock to the global economy. for the euro area, gdp had an unprecedented decline of 3. 6 % in the first quarter of this year, which is a sharper contraction than was seen during the global financial crisis. ( figure 1 : euro area gdp growth ( quarter - on - quarter, % ) ) higher frequency pmi data shows the sharp contraction has continued through the second quarter. there has also been a sharp deterioration in labour markets across the euro area, feeding through to incomes and to consumption patterns. these developments, among others, have caused sharp downward revisions in the recent macroeconomic projections for the euro area, released by eurosystem staff. ( figure 2 : euro area purchasing managers ’ indices ) the latest projections for 2020 to 2022, have changed greatly compared to those released just three months ago. it is not only the numbers that look different in this round of projections ; there has also been a change in how the uncertainty surrounding the key forecasts is presented. previously, we used historical data but these cannot reflect the unprecedented current economic uncertainty we are experiencing. instead, a scenario analysis is provided as a better way to show potential alternate paths for the economy. ( figure 3 : eurosystem staff macroeconomic projections ) in the baseline scenario, there is an assumption of some resurgence in infections over the next couple of quarters that leads to ongoing containment measures, although not as stringent as the initial ones. the economy is expected to “ re - open ” gradually, in phases, through a post - lockdown transition period, which ends by the middle of 2021. at this point, it is also assumed that medical solutions to