Speaking at the Dublin Chamber of Commerce Governor of the Central Bank of Ireland, Philip R. Lane today discussed the importance of the enterprise sector to economic performance.
In his address he said that economic success depends on a thriving enterprise sector - the employment, investment and innovation decisions made by the over two hundred thousand private sector firms active in Ireland are critically important in determining national economic performance.
In addition, Lane said the behaviour of firms also has a wider impact in terms of making progress in meeting the country’s social, environmental and regional objectives.
While noting that the economy is currently in an expanded expansion phase he warned that the Irish economy is intrinsically volatile. Laney said there can be sudden and sizeable adverse shifts in fundamentals, especially for small and highly open economies including changes in international conditions, disorderly Brexit scenarios, shifts in international trade or domestic policy errors that add to pro-cyclical dynamics in the economy.