Gabriel Makhlouf, Governor of the Central Bank of Ireland and Vasileios Madouros, Deputy Governor, Central Bank of Ireland delivered an address at University of Galway focusing on the outlook for the global economy.

Organised by the University’s J.E. Cairnes School of Business and Economics as part of the Thinking Beyond thought leadership series, the event offered valuable insights into the implications of recent geopolitical developments and shifts in international trade policies on Ireland and the global economy.

Vasileios Madouros also addressed students and faculty of University of Galway’s J.E Cairnes School of Business and Economics as well as students from the University’s Finance and Economics Society during his visit.

            Professor of Economics at University of Galway Alan Ahearne said: “It is clear from our discussion that recent geopolitical developments and radical plans abroad to change trade policy present significant risks to Ireland’s small open trading economy. A global trade war would damage all economies and have implications for international flows of trade, foreign investment, exchange rates and inflation. Ireland and Europe need to get ready. Building economic resilience is key.”

            Governor Makhlouf said: “I really enjoyed being back at the University of Galway to engage with students, staff and alumni on the key economic opportunities and challenges we face as a society. The financial system is evolving at pace, and it’s really important for the Central Bank of Ireland to continue to engage with people across the country – including students and educators – to hear their unique perspectives to inform our work. University of Galway has one of the largest business schools in Ireland, so it was a good opportunity to meet with economic students. As a subject, economics offers a toolkit to help us understand the issues that affect the way we live, work and play, which is arguably more important than ever in our rapidly changing world.”

            Professor Alma McCarthy, Executive Dean, College of Business, Public Policy and Law at University of Galway, said: “J.E. Cairnes School of Business and Economics at University of Galway was delighted to host the Central Bank of Ireland to discuss the Irish and European economic outlook in the midst of significant geopolitical challenges.”

Gabriel Makhlouf was appointed Governor of the Central Bank of Ireland in 2019, and is Chair of the Central Bank Commission, a member of the Governing Council of the European Central Bank, the European Systemic Risk Board, and is Ireland's Alternate Governor at the International Monetary Fund.

Prior to joining the Central Bank, he was Secretary to the New Zealand Treasury and the NZ Government's chief economic and financial adviser. Mr Makhlouf also led reviews of New Zealand's three macroeconomic pillars (monetary, financial stability and fiscal policy) and the development of a new framework for the development of economic and public policy focused on intergenerational wellbeing. In addition, Governor Makhlouf was New Zealand's Alternate Governor at the World Bank, Asian Infrastructure Investment Bank, Asian Development Bank and the European Bank for Reconstruction and Development. He was also co-chair of the Trans-Tasman Banking Council.

Vasileios Madouros was appointed Deputy Governor, Monetary and Financial Stability in November 2022. In this role, he oversees the Economics & Statistics, Financial Stability and Financial Operations Directorates and leads engagement with domestic, Eurosystem and broader international stakeholders representing the Central Bank on wider financial system matters. Vasileios is an ex-officio Member of the Central Bank Commission and is the Governor’s alternate at the Governing Council of the European Central Bank.

Prior to this appointment, Vasileios was Director of Financial Stability. In this role, he was responsible for the Central Bank's work to monitor threats to financial stability and provide advice on the use of macro-prudential tools, or other policy interventions, to mitigate those risks. Vasileios was also responsible for enhancing the Central Bank’s financial crisis preparedness and management capabilities as well as preparing for, and managing, the orderly resolution of relevant financial institutions. In this role, Vasileios was a member of the Plenary Board of the Single Resolution Board.  

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