is the responsibility of firms themselves to manage the evolving risks landscape they operate in. and so while we recognise the benefits of innovation – and that it is in the public interest for the financial sector to innovate – it is also our job to make sure risks are being well managed. essential to ensuring that technology is a source for good in the financial system. thank you 1 with thanks to cian o'laoide, simon sloan, steven cull and mary - elizabeth mcmunn for their help preparing these remarks. 2 innovation and trust speech 3 see kranzberg " technology and history :'kranzberg's laws'", technology and culture, vol. 27, no 3 4 see also mccaul : technology is neither good nor bad, but humans make it so july 5 see donnery'governing for the good – doing the right thing'october 2024 6 see also dear ceo letter supervisory findings and expectations for payment and electronic money ( e - money ) firms ( pdf 425. 81kb ) jan 2023 7 see also mcmunn " perspectives and priorities - payments and e - money " feb 2024 8 see our strategy ( pdf 2. 57mb ) 8 / 8 bis - central bankers'speeches

. 5 per cent, down from 1. 6 per cent. the downgrade of the short - term euro area outlook reflects weaker survey indicators, such as indicators of future orders and employment growth, tighter financing conditions and the stronger euro exchange rate since june. although there has been some reversal of the latter since the decision last week. for ireland, our projections for growth in modified domestic demand in 2023 have been also revised down, from 3. 7 per cent to 2. 9 per cent, while the 2024 ( 2. 6 per cent ) and 2025 ( 2. 3 per cent ) profile is broadly similar to our june projections. reflecting the growth slowdown, employment growth for the euro area has also been revised down. it is expected to be roughly flat in the second half of 2023, and to average just 0. 2 per cent in 2024 and 2025. this is a significant downgrade from the june projections of 0. 5 per cent ( 2024 ) and 0. 4 per cent ( 2025 ). it also represents an extended period of below trend employment growth for the euro area ( trend growth in employment for 2014 - 19 was 1. 4 per cent ), and is consistent with the monetary policy stance remaining tight throughout. for ireland, employment growth in 2023 has been upgraded from 2. 5 per cent in our june quarterly bulletin to 3. 7 per cent in september numbers. this change reflects strong labour force survey figures for q2 2023. employment growth of 1. 7 per cent and 1. 5 per cent in each of 2024 and 2025 is broadly similar to the june projections. the lower growth rate in 2024 reflects both supply and demand factors ( including tighter monetary policy ). on the supply side, we anticipate constraints beginning to bite as our measure of slack ( unemployment + palf ) remains historically low, as well as lower migration due to ongoing housing supply issues. the projections include a small uptick in the unemployment rate in the euro area, rising from its current historical low of 6. 4 per cent to 6. 7 per cent in 2025. for ireland, we expect it to remain low throughout the projection horizon, at around 4. 3 per cent. given the expected slowdown in employment growth, this means a likely further decline in job vacancies in the coming months. despite this, the combined effects of low unemployment and real wage catch - up will contribute to strong wage growth significantly above historical levels,