We have been able to progress peacefully for a long time under the protection of the United States. We have set ourselves up in a multilateral world. But the old world order is being challenged. In the worst-case scenario, there is a risk that power and size will matter above all.
This risk was highlighted last year in our Financial Stability Report, which looked at the implications of a sudden correction in the construction sector. •  As I already pointed out, the economy has lost competitiveness in recent years. Given the already high price level in Ireland and the rising cost base, every effort should be made to avoid a further erosion of competitiveness.