---
title: "Central Bank Strategies for 2025: Navigating a Shifting Landscape"
description: As the global financial landscape shifts, central banks are recalibrating their strategies. This keynote will explore the top priorities guiding the Central Bank of Ireland in 2025.
---

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# [Central Bank Strategies for 2025: Navigating a Shifting Landscape](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/sff-2024-videos-payments/central-bank-strategies-for-2025-navigating-a-shifting-landscape)

 Written by [GFTN](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/author/gftn) | Nov 19, 2024 5:00:00 AM

 

**Key Highlights from Gabriel Makhlouf, Governor, Central Bank of Ireland's Address at the Singapore FinTech Festival**

 

**Economic Outlook and Inflation**:

- Global inflation is easing, with the Euro area on track to achieve the 2% target by 2025.
- Managing inflation requires a steady, cautious approach, particularly as services inflation remains elevated.
- A new normal of economic volatility is expected, driven by global fragmentation, demographic shifts, technological change, and climate challenges.

**The Role of Central Banks in a Changing World**:

- Central banks must adapt to a rapidly evolving landscape, marked by events like the global pandemic, geopolitical tensions (e.g., Russia’s war in Ukraine), and rising conflicts.
- Central banks are navigating an era of unprecedented innovation and complexity.
- Despite these challenges, fundamental principles like governance, risk management, and consumer protection remain crucial.
- **Technological Innovation in Finance**: 
    - The financial system is undergoing significant transformation, heavily influenced by technological advancements.
    - Ireland’s financial sector has expanded rapidly, benefiting from EU membership, an open economy, and a skilled workforce.
- **Notable changes include:** 
    - A fourfold increase in authorised payment firms.
    - The rise of electronic payments and demand for instant transactions.
    - New tech-driven business models, such as partnerships between payment and credit providers.
    - Technologies like blockchain, cloud computing, and enhanced data analytics are reshaping financial services.

**Regulatory Approach**:

- The Central Bank of Ireland’s strategy is based on six core principles: 
    - **Forward-Looking**: Anticipating future challenges and opportunities.
    - **Connected**: Collaborating with peer regulators, industry, and the public.
    - **Proportionate**: Balancing benefits and risks without compromising key standards.
    - **Predictable and Transparent**: Providing clarity for regulated entities, even in uncertain times.
    - **Agile**: Embedding adaptability into everyday operations, not just in crises.
- **Preparing for Future Innovation**: 
    - The Central Bank is focused on understanding and managing technological advancements to harness their benefits while mitigating risks.
    - Establishing a new sandbox programme to explore financial innovation and improve regulatory approaches.
    - Emphasis on collaboration with global regulators to ensure a balanced and secure financial environment.
- **Upcoming Regulatory Priorities**: 
    - Implementation of the EU’s Digital Operational Resilience Act.
    - Adopting regulations for crypto-assets under the Markets in Crypto-Assets Regulation (MiCA).
    - Strengthening capabilities in areas like artificial intelligence and tokenisation.
- **Modernising Payments and Digital Currency**: 
    - Modernisation of cross-border payment systems is essential for efficiency.
    - The digital euro initiative aims to provide a secure, accessible digital form of cash, blending traditional cash benefits with digital convenience.
    - Final decisions on the digital euro will depend on the legislative framework set by European authorities.

 

**Conclusion**:

- Central banks must act as stabilising forces during turbulent times, but they must also embrace innovation.
- Effective regulation and collaboration are key to shaping a resilient financial system.
- The ultimate goal is a well-regulated financial sector that supports consumers, businesses, and the wider economy while fostering technological advancement.

 Watch Full Session

 

Speaker:

- Gabriel Makhlouf, Governor, Central Bank of Ireland

  

  

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