Oireachtas Joint and Select Committees

Wednesday, 23 March 2022

Committee on Budgetary Oversight

Pre-Stability Programme Update Scrutiny (Resumed): Central Bank of Ireland

Dr. Mark Cassidy:

I do not know what it is. Ultimately, what is happening in Russia and Ukraine, that is, both the war and the sanctions, will have long-term economic effects. Traditionally, we have had many things, one of which being energy markets, that have been dollarised or dominated by dollars. We will see changes in global financial markets, energy markets and other markets. I do not know what the extent of those will be. I do not know whether some of those would have happened anyway. I do not know whether some will go to some degree and then come back a bit. It is much too early to tell but it is certain we will see some longer-term effects. There are geopolitical issues there with China-----

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