To illustrate a counterfactual scenario in which national macroprudential and fiscal policies were deployed to lean against the wind, Figures 2 and 3 show the evolution of household credit and output (relative to the euro area aggregate) in Ireland in a simulation of the model proposed by Martin and Philippon (2017).
15  Page 8 of 11  seek to address cybersecurity threats and enhance cyber-resilience. It is therefore very important to strengthen international cooperation and peer exchange of information in this area. In this regard, the SARB hosted its first cybersecurity conference last month, with the theme of ‘Collaboration for building cyber-resilience’. 4.