Supply chains, both in Canada and globally, may be disrupted for some time. While the steps we have taken should help, we are likely to emerge from the shutdown with both demand and supply weaker than before. The scarring associated with the shutdown could lower productivity, which tends to result in higher inflation.
We must recognise the important role of strong regulatory and supervisory frameworks in delivering a resilient financial system.2 With all this in mind, I will focus on the Central Bank of Ireland’s (“Central Bank”) strategic priorities for the next three years3, particularly in the context of the safety and soundness of the financial system.