though rising is doing so at a decelerated rate and we are confident will soon commence a fall. security concerns in food - producing regions and infrastructure challenges also demand attention. the cbn has implemented a number of policy reforms to address some of these various pressures and, while i am confident enough today to talk about some of our early success, i am at the same time extremely mindful of our ongoing challenges. 1 / 2 bis - central bankers'speeches we still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses – and, notably, our counterparts on the fiscal side. we have recommitted our stance to orthodox monetary policy, and it is heartening to see the efforts being put up have started yielding results especially in terms of rebuilding trust and confidence in our economy and the leadership. in summary, this week has been extremely productive, and we are eager to translate our discussions into tangible outcomes as we return home. 2 / 2 bis - central bankers'speeches

##ntial perspective in the market - based finance sector. while some progress has been made in this area in recent years, further work is needed. indeed, compared to the banking sector where the tools are already in place, we are at an early stage of development. there are some key questions that will need to be considered in the development of a macroprudential policy framework for market - based finance, which i have discussed in greater detail in my written contribution to the financial stability review : 1. what is the appropriate toolkit to target excessive liquidity mismatches and excessive leverage in the market - based finance sector? 2. what is the appropriate balance between time - varying and structural interventions? 3. what is the most appropriate approach to international co - ordination in this area? 4. how to consider the appropriate balance between costs and benefits of additional resilience in the market - based sector? finally, aside from developing and operationalising the overall macroprudential framework for the market based finance sector as a whole, it is also clear that reform of the regulatory framework for mmfs is required. specific reforms will need to be targeted on the appropriate areas, whether, for example, it be on the liability side to align mmfs ’ liabilities with the nature of liquidity on the asset side, or on the asset side, to address the lack of liquidity in certain money market instruments. potential reforms will need to be carefully assessed to ensure that balance can be achieved between maintaining the benefits of this sector and increasing its resilience. 2 / 3 bis central bankers'speeches the challenges we face to address the gaps in the current framework for market - based finance so as to make it fully operational are similar to those faced when developing and operationalising tools for the banking sector. we at the central bank of ireland are committed to working with our colleagues in europe and beyond to develop and operationalise a more comprehensive macroprudential framework to safeguard financial stability, for the benefit of all our citizens. 1 see www. centralbank. ie / news / article / speech - deputy - governor - sharon - donnery - macroprudential - policy - lessons - in - the - pandemic - era - 19 - feb - 2021 3 / 3 bis central bankers'speeches