This reflected not only a decrease in foreign demand for euro area exports but domestic demand was also adversely affected by domestic factors, notably very low confidence and tight financing conditions. Annual growth in 2008, at 0.8%, was the weakest rate since the early 1990s. Indicators for the first months of this year suggest a further large contraction in activity in early 2009.
Philip R Lane: European financial integration – implications of Brexit Remarks by Mr Philip R Lane, Governor of the Central Bank of Ireland, at Barclays European Financial Capital Summit, London, 28 March 2017. * * * Good afternoon.