Gabriel Makhlouf: Macroeconomic impacts of Covid-19 and the monetary and fiscal policy response Introductory statement by Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland, at the Special Oireachtas Committee on Covid-19, Dublin, 7 July 2020.
We all know that, on 18 March, the Reserve Bank announced a further easing of monetary policy, an easing which was rather larger than most people had been expecting. Since then, the exchange rate has fallen and interest rates have risen (especially at the short end of the yield curve). These developments have led to a great deal of puzzlement and some anger.