Making Sense of a Changing Economy - Speech by Governor Gabriel Makhlouf at Technological University Dublin

For financial services executives, the key takeaways are contextual: inflation dynamics, real wage trends and productivity shape credit conditions, asset valuations, funding costs and customer affordability. Compliance teams face no immediate new obligations from this speech. However, firms should incorporate the central bank's evolving inflation narrative into risk assessments, scenario planning and product governance reviews, particularly where cost-of-living pressures affect consumer outcomes.

Treasury, credit and conduct functions should monitor follow-on communications for signals on monetary policy and supervisory expectations. Action: no immediate compliance change; continue monitoring CBI/ECB communications, update macroeconomic assumptions in ICAAP/ORSA and recovery planning where relevant, and ensure customer-facing teams consider affordability and vulnerability impacts. Regulatory intelligence note: treat as informational, low urgency.