Speaking to Dublin Chamber members on the 30th of April, Deputy Governor of the Central Bank of Ireland, Vasileios Madouros, highlighted the growing risks posed by global trade fragmentation and rising protectionism, particularly between the U.S. and major trading partners. He warned that higher tariffs and non-tariff barriers are undermining global growth, increasing uncertainty, and threatening productivity and long-term economic stability. 

In his address to members, the Deputy Governor reaffirmed the long-standing benefits of open trade and international cooperation, noting that while trade boosts GDP and reduces poverty globally, its gains must be more evenly shared within countries. He also noted that Ireland’s strong integration with U.S. multinationals leaves it especially exposed to shifting global dynamics, making economic resilience a key priority. 

To future-proof Ireland’s economy, the Governor emphasised the importance of targeted investment in housing and infrastructure, labour force expansion, and supply chain security, while calling for deeper European integration and greater mobilisation of EU savings to fuel innovation and competitiveness. 

Despite the challenges, Madouros stressed that both Ireland and Europe have an opportunity to shape a more resilient, cooperative, and inclusive global economic order. The Deputy Governor's full speech can be read here.