you will also be aware that the ecb has concluded an in - depth review of its monetary policy strategy. this too will have data implications. for example, the revised analytical framework, with its focus on monetary and financial analysis, is likely to draw increasingly on micro data. an area where developments are foreseeable in the coming years that could alter the economic and financial landscape in which monetary policy operates is the increasing role of non - banks. given ireland ’ s role as a global international centre for a whole range of financial entities including money market funds and investment funds, we aim to play an active role in this research agenda and leverage the vast amounts of data available from the irish system. 5 lastly, the depth, speed and scale of technological innovation and digitalisation in the financial system has been significant in recent years and certainly looks set to continue – particularly in the payments ecosystem. the world is and will continue to be awash with data – some trusted, some that requires caution. in this world the importance of clearly communicated, trusted and verified statistics becomes even more valuable for an organisation like the central bank of ireland to deliver on its mandate. the foundations are solid, and it will be the continuation of the international cooperation seen over the past decade as well as agility and innovation that will support us into the future. conclusion to conclude, i would like to again welcome everyone to our conference today and i would like to thank all those who have contributed to organising and participating in this event, especially our speakers and panelists. for the keynote speech today, we are delighted to welcome philip lane back to the central bank of ireland, if only virtually. i will now hand over to jenny osborne - kinch from our statistics division, who will provide a full introduction for philip. thank you for your attention. 1 donnery, sharon, better data to inform better policy. opening remarks at the sixth conference on household finance and consumption ( 16 december 2019 ). 2 makhlouf, gabriel, climate change : towards action. central bank of ireland governor ’ s blog ( 31 march 2021 ). 3 donnery, sharon, risks and opportunities from climate change. address to department of finance and sustainable nation ireland conference ( 16 may 2016 ). 4 lane. p., 2019, climate change and the irish financial system. central bank of ireland economic letter, vol. 2019, no. 1. 5 cima, s., killeen, n., and madouros, v.,

philip r lane : macro - financial risk management remarks by mr philip r lane, governor of the central bank of ireland, at the central bank economics roundtable, dublin, 5 september 2018. * * * introduction in opening our annual economics roundtable, let me focus on macro - financial risk management. at a country level, macro - financial risks are managed by both the regulatory policies of the central bank and national fiscal policy. in these introductory remarks, i will address both dimensions. as outlined in our latest quarterly bulletin, the irish economy is currently in a phase of strong economic performance. we project employment to grow by 2. 6 per cent in 2018 and 1. 9 per cent in 2019. the 20. 4 percent cumulative increase in employment from 2011 q3 through to 2018 q2 has been enabled by a decline in unemployment from 15. 9 per cent ( 2011 q4 ) to 5. 8 per cent ( 2018 q2 ), together with an increase in the participation rate and inward migration. importantly, the current growth has not been fueled by an unsustainable increase in domestic credit ; in addition, it does not rely on net financial inflows : the adjusted current account measure is close to zero. at the same time, there are clear downside risks facing the economy. first, an unexpected tightening in international financial conditions ( relative to the benign environment that has been in place for an extended period of time ) through an upward revision in risk premia or term premia could induce an international slowdown in investment and consumption, together with an adjustment in asset values in financial markets, the commercial real estate sector and housing markets. second, shifts in international trade and tax regimes that adversely affect the irish business model constitute important tail risks, even if these risks are hard to calibrate. third, a disorderly brexit would pose immediate challenges for the irish economy and financial system. given this current configuration of risks, macro - financial risk management has two aims. first, policy actions should not amplify pro - cyclical dynamics, if overheatings risks in the economy and the financial system are to be contained. second, macro - financial resilience is enhanced if buffers can be built during good times that will enable ireland to cope more easily with future downside shocks. in implementing this policy agenda, i will first turn to the regulatory policies of the central bank, before turning to the role of fiscal policy. financial regulation during good times : the macro