border mergers and acquisitions, with a duty on competition authorities to facilitate welfare - enhancing consolidation while protecting and enhancing competition in each local market. finally, as a member of the eurosystem and the european system of financial supervision, the central bank of ireland shares with the european commission and european movement ireland a common commitment to working together on a pan - european basis in order to safeguard stability and protect consumers. only through a strong european union can we successfully manage the twin challenges posed by globalisation and technological change, with shared sovereignty the foundation for effective and sustainable international policymaking ( lane 2018 ). in closing, commissioner vestager : as a memento of your visit to the central bank, i would like to present to you our recent commemorative coin that marks the centenary of the women ’ s right to vote in 1918. 1 / 2 bis central bankers'speeches i look forward to listening to your speech at the close of this dinner. i thank valerie herzberg and micheal o ’ keeffe for their assistance in preparing these remarks. references dottling, robin, german gutierrez and thomas philippon ( 2017 ), “ is there an investment gap in advanced economies? if so, why?, ” in investment and growth in advanced economies, proceedings of ecb forum on central banking, 129 – 193. gutierrez, german and thomas philippon ( 2017 ), “ declining competition and investment in the us, ” cepr discussion paper no. 12536. gutierrez, german and thomas philippon ( 2018 ), “ how eu markets became more competitive than us markets : a study of institutional drift, ” cepr discussion paper no. 12983. lane, philip r. ( 2018 ), “ globalisation and the irish economy : a macro - financial perspective, ” geary lecture, economic and social research institute. vestager, margrethe ( 2019 ), “ the champions europe needs, ” - welt economic summit, berlin, 9 january. 2 / 2 bis central bankers'speeches

gabriel makhlouf : navigating a shifting landscape remarks by mr gabriel makhlouf, governor of the central bank of ireland, at the singapore fintech festival, singapore, 8 november 2024. * * * dia dhaoibh, good afternoon ladies and gentlemen. i hope you've enjoyed the discussions at this year's fintech festival. thank you to the global finance & technology network for the invitation to speak to you on how the central bank of ireland is navigating through change and the rapidly evolving landscape of the financial system. in my remarks i will discuss the changing landscape of the global financial system, and how central banks need to respond to it if they are to continue to deliver on their mandates. i will also talk about the innovation we are seeing in ireland's financial sector. but first some positive news on inflation. as the imf indicated last month, the global war on inflation is being won. in the euro area, the finishing line is coming into view. but monetary policy is not a sprint and, like all good medium and long distance runners, it is important to assess conditions carefully and pace yourself. and with the finish line in sight, we don't need to rush to it. in my view, a prudent and cautious approach remains the right one. one area i am keen to see further disinflation progress is services, where inflation has remained around 4 per cent during 2024. as it accounts for almost half of consumer spending for euro area households ( and two - thirds of'core'goods and services spending ), price developments in services can have a large bearing on overall inflation dynamics. a focus on services inflation dynamics was a common theme at the recent imf meetings. easing supply bottlenecks and falling energy and food inflation are driving a global disinflation, but services price inflation remains elevated in many regions. this points to the importance of understanding sectoral dynamics and of calibrating monetary policy accordingly. with goods inflation returning to trend in the euro area, services inflation closer to around 3 per cent is more consistent with achieving our 2 per cent target. absent future shocks – and there are several potential risks on this front not least from geopolitical developments – inflation is expected to sustainably reach our 2 per cent target during 2025. but we should take the time to reflect on the extraordinary circumstances that monetary policy has had to manage since the global financial crisis ( gfc ) : a