Integrated, open and resilient: Europe’s strengths in a fragmenting world - European Central Bank

Thank you to the Central Bank of Ireland for organising this conference and inviting me to speak. It is a great pleasure to be here in Dublin. Ireland illustrates why the topics of today’s event – from geopolitics to financial resilience – are timely. Ireland has one of the most open economies in the world and it is deeply integrated into European and global markets. It is a Single Market success story, and a reminder that openness remains one of Europe’s greatest strengths. But openness works both ways. A shift in US trade policy or a turn in global capital flows can spill over to the Irish economy particularly quickly. What is true for Ireland is also true on a larger scale for the EU, the world’s largest trading bloc.