force, access to the wider eu market ( and labour force ), a stable environment for businesses and an attractive tax regime. ensuring that ireland remains an attractive place for businesses and workers matters. for workers, i believe one of the biggest challenges relates to the housing market in ireland. consistent undersupply of housing relative to demand has led to difficulties for individuals and households in obtaining affordable housing, whether as prospective property owners or as renters. what is needed is a sustainable level of affordable housing, particularly in the context of a growing economy and population. the central bank of ireland has a specific, narrow role to play in the housing market. as the national macroprudential authority, we are responsible for implementing measures in the mortgage market which have two clearly stated aims : increasing the resilience of banks and borrowers to negative economic and financial shocks, and dampening the pro - cyclicality of credit and house prices so a damaging credit - house price spiral does not re - emerge. our assessment up to now is that the measures have been successful against both of these stated aims and we are currently conducting a review to ensure they continue to meet their goal in the years to come. 8 we will conclude the review later this year. another important aspect for the medium term relates to fiscal policy. government decisions on expenditure and tax revenue can have an important impact on growth, inflation, the labour market and the broader economy. the effect of fiscal policy will be influenced by a range of factors, in particular whether the economy is operating above or below its estimated long - run potential as well as conditions in the international economy. 9 the state ’ s fiscal position started 2022 in a better position than expected previously. with the economy and labour market performing well over recent months, the public finances are well positioned to address the most immediate needs arising from the russian invasion of ukraine, including the necessary humanitarian response. temporary and targeted measures to reduce the impact of higher inflation on those households less able to cope with current circumstances are also appropriate. while our central projections envisage continued improvements in the public finances over the coming years, the outlook is uncertain with significant risks around key determinants of the fiscal position. these include the pace of economic growth, inflation, the likely path of interest rates and the level of corporation tax revenue into the future. as well as short - term pressures, the public finances face challenges from several known medium - term changes that will affect the irish economy and labour market over the coming years

your conference today, he would slightly amend the opening line of his famous declaration in 1950 and say : " le systeme financiere europeene ne saurait etre sauvegardee sans des efforts createurs a la mesure des dangers qui la menacent ". or to put it in our common language, " europe's financial system cannot be safeguarded without the making of creative efforts proportionate to the dangers which threaten it ". our responsibility as leaders is to inspire and support those creative efforts as we meet the challenges in front of us. collectively and individually, we are responsible for the stewardship of our organisations so that they are fit for our successors. to paraphrase keynes, we need to disembarrass ourselves of short views and take wings into the future. one of my favourite poems is seamus heaney's beacons at bealtaine, a poem written to mark the eu's expansion nearly 20 years ago and which speaks, as heaney put it, " for our honour and dignity as europeans ". there's a line in it which for me captures a leader's role : move lips, move minds and make new meanings flare. 6 / 7 bis - central bankers'speeches diversity, connections, outcomes, ambition, and leadership. he tangata, he tangata, he tangata. move lips, move minds and make new meanings flare. 1 blinder, a. s., goodhart, c., wyplosz, c., hildebrand, p. and lipton, d., 2001. how do central banks talk?. centre for economic policy research. p66 2 nouriel roubini, megathreats, ( john murray, 2022 ) 3 https : / / european - union. europa. eu / principles - countries - history / history - eu / 1945 - 59 / schuman - declaration - may - 1950 _ fr 4 john maynard keynes, economic possibilities for our grandchildren, ( 1930 ) in essays in persuasion ( harcourt brace, 1932 ), 358 - 373 5 https : / / youtu. be / fzq8tanftxe 7 / 7 bis - central bankers'speeches