The Central Bank of Ireland is now one of nineteen national  central banks in the Eurosystem, with price stability as the ECB’s primary objective.3 And, as Monetary Policy is set for the euro area as whole, in my speech today I will emphasise both Irish and euro area developments.
Later, I will talk more about what exactly price stability means, but essentially it is about preserving the purchasing power of the euro by ensuring low, stable and predictable prices for the euro area as whole. As we all know, inflation during 2022 has been anything but low, stable or predictable.