Whilst providing many positives, this openness therefore also increases the propensity – and sensitivity – of the Irish economy to global shocks – be they structural shocks I just described, or cyclical – driven by the global economic cycle or by developments in global financial conditions for example. This is evident in the data.
In addition, they are indispensable for the other functions of the ECB, for other economic policy-making in Europe and for a smooth functioning of the financial system. This also means that high demands are placed on these statistics.