Global risks: Trade tensions, global financial markets and political uncertainty But Brexit is not the sole risk. As I mentioned in my introduction, we are heavily exposed to the global environment, and the 2/6  BIS central bankers' speeches  current outlook is somewhat unfavourable. Changes in world demand have a considerable impact on Irish exports, unemployment and wages.
Thinking beyond Brexit, structural changes in the global economy such as the ongoing trade tensions between the US and China, and slowdown in investment, could indirectly dampen Irish growth prospects. In economic parlance, Ireland has a relatively high elasticity to global developments8. Another risk to financial stability comes from global financial markets.