Makhlouf flags housing and demographic shifts as new term focus
Central Bank of Ireland Governor Gabriel Makhlouf has marked the start of his second seven-year term by outlining structural challenges facing the economy, including demographic shifts, housing shortages and infrastructure deficits.
Feedback from 26 counties
Speaking at the Civil Society Roundtable at North Wall Quay, Governor Gabriel Makhlouf highlighted findings from his tour across all 26 Irish counties.
Makhlouf noted that local businesses consistently report constraints in recruiting and retaining staff due to severe housing and infrastructure bottlenecks.
Starting a new seven-year term following his initial appointment in 2019, Makhlouf cited the founding mandate that the Bank’s “constant and predominant aim shall be the welfare of the people as a whole.”
The Governor emphasized that resilience must be evaluated across households, noting that recent inflation was not felt equally.
Strategy for an ageing population
The Central Bank of Ireland is currently preparing its strategic framework for 2028 to 2032.
Key structural themes include demographic ageing, workforce education and the financial sector’s transition to a low-carbon economy.
Makhlouf stressed that longer life expectancy requires financial products suited for every life stage alongside economic adaptations.
The roundtable preceded a presentation on the September Quarterly Bulletin by Robert Kelly, with proceedings governed by the Chatham House Rule.
Civic dialogue without policy levers
Civil society outreach offers valuable local context on unequal cost pressures.
Yet the core bottlenecks raised—housing shortages and infrastructure deficits—fall under fiscal policy rather than central bank tools.
Dialogue highlights systemic friction but cannot resolve Ireland's structural supply constraints.