Economic Transitions: Technology – Opening remarks from Governor Makhlouf at Financial System Conference

Introduction Good morning everyone. I am delighted to welcome you to our 5 th Financial System Conference. 1 Almost 7 years ago in my first speech as Governor, I spoke of the importance of economic resilience through the transitions shaping our world. 2 In that speech in Waterford, I focused on climate and technological change, the changing financial system and geo-economic fragmentation. And noted that external risks had heightened for both structural and cyclical reasons, including rising trade barriers and geopolitical uncertainty. 3 Events since November 2019 have underlined – to put it mildly – those external risks, and the importance of building economic resilience. When I look back on my first term as Governor it is the accelerating nature of these transitions, and the way they are already crystallising, that stands out for me. As does the response of policymakers, central banks, and industry to addressing them. The strategy we put in place in 2021 was about ensuring the Central Bank could respond to these changes. 4 By being more future focused, more open and engaged, strengthening our safeguarding frameworks and transforming our organisation. In fact, it was in the context

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