) as well as work by many other economists. increasingly i felt that public policy had become stuck in out - dated frameworks and that, to a certain extent, we needed to return to first principles and adopt a multi - disciplinary approach to economic policy - making ; as secretary, i also felt the treasury had a responsibility, as new zealand ’ s economics and finance ministry, to turn its vision – working towards higher living standards for new zealanders – into a statement of possibility rather than one of aspiration. but we had to start with developing a framework that was intellectually rigorous, that would challenge the dominant policy paradigm, that was robust enough to meet the challenges that would be thrown at it and that could create a new narrative. effective public policy needs an effective narrative ; developing that framework was girol ’ s job. his enthusiasm for the potential of economics chimed with mine. his intellectual curiosity, and his passion for the living standards agenda rubbed off on many of those he recruited to work on the issues and turn the aspiration to a possibility. that possibility has grown but the journey is not over. today ’ s book launch allows us to reflect on what has been achieved and to take stock of what remains to be done. as a central banker 1 / 2 bis central bankers'speeches who is concerned with macroeconomic stability, i am particularly interested in the management of risk and the development of what i ’ ve described as economic resilience, or the ability of communities to manage economic transitions, whether they are sudden shocks or more gradual movements, all of which are at the heart of intergenerational wellbeing and the challenge of our times. thank you for inviting me to the launch and congratulations again to girol. 2 / 2 bis central bankers'speeches

offerings and gain market share, as new and emerging business models provide firms with more growth opportunities. competition these developments are good for consumers. in ireland, where we have recently seen major players leave the market, there is a need for adequate levels of competition between firms in order for markets to function effectively and provide households and businesses with appropriate levels of availability and choice. well - regulated competition 3 / 9 bis - central bankers'speeches delivers value for money for consumers by reducing costs and prices, and promoting better service levels, as firms seek to attract and retain customers. and the more competitive our markets are, the better our economy will perform. while the central bank does not have a role in promoting competition, or responsibility for ensuring our market is competitive, one of our regulatory objectives is the orderly and proper functioning of financial markets. assessing impacts on the functioning of the market and on competition within the market is an important part of how we regulate. we do understand that our approach to regulation, our processes and our ability to adapt to market developments can ( and most likely would ) impact competition if we do not manage them appropriately. that is why we remain committed to providing a clear, open and transparent authorisation process, where firms that meet the required standards can obtain seamless, timely and predicable access to our market. it is why we will continue to work with stakeholders, including industry and the department of finance, to ensure consumers can seamlessly switch between providers, benefitting consumers in the form of cost savings, but also benefitting firms including credit unions as they seek to build market share. it is why we will assess, and keep under review, the competition impact of our domestic regulations. we are acutely aware that our regulation must be proportionate, as if regulation goes further than required, it creates distortions that impact the orderly and proper functioning of the market. our next annual performance statement ( to be published in 2024 ), will include an assessment of how we exercise our functions consistent with the orderly and proper functioning of domestic financial markets. and it is why, learning from the feedback we obtain from the consultation on innovation that i announced this week, and through our innovation hub and other functions, we will continue to help foster an innovative, resilient and customer - focused banking services sector in ireland. the central bank supports innovation and the development of disruptive technology so long as they are applied for the benefit of consumers and businesses alike. and for firms, or indeed entire sectors, to