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โ€œThe Year That Was and Will Beโ€

In this, his final blog for 2025, Governor Gabriel Makhlouf reflects on Ireland and the euro areaโ€™s economic performance and looks ahead to 2026, drawing on the Quarterly Bulletin and latest eurosystem staff projections published this week.

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Quarterly Bulletin 2025:4 Prudent ambition needed as multinational investment underpins more positive growth outlook

MDD is projected to grow by just below 4 per cent in 2025. From 2026 to 2028, MDD is forecast to grow at an annual average rate of 2.9 per cent per annum. More positive momentum in MNE investment amid lower uncertainty contrasts with slower pace of growth in domestic sectors and cooling of the labour market as drag from capacity constraints becomes evident. Outlook for slightly higher overall inflation, as underlying services price growth more persistent at a higher rate than pre-pandemic. Th...

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Economic Resilience: What Next? โ€“ Speech by Governor Gabriel Makhlouf at The Royal Irish Academy

Good evening. Thank you for the invitation to join you today. This evening I want to talk about economic resilience, what it is and whether we have enough of it. I spoke about economic resilience in my first speech as Governor โ€“ 6 years ago โ€“ and wrote to the Minister for Finance about it in early February this year. After everything thatโ€™s happened since February, it feels timely to take stock of where we are. My conclusion is that we need to give it greater focus. Let me start by setting ou...

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Remarks at the Climate Risk and Sustainable Finance Forum โ€“ Governor Gabriel Makhlouf

Good morning and welcome everyone. I am delighted to address the eighth meeting of this Forum. When the Forum was established three years ago, the goal was to bring together participants from across Ireland to build a shared approach to understanding and managing the systemic risks that climate change poses, while supporting the orderly transition of households and businesses to the net zero objective that weโ€™re all familiar with. The Forum has come a long way in those three years. We have es...

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