Gerald Nash (Louth, Labour) | Oireachtas source

I am going to ask questions of our guests from IFAC and the ESRI. Representatives of both organisations might like to take the opportunity to answer my first question. Are our guests concerned about the strategy being deployed by the European Central Bank, ECB, in increasing interest rates, and the trajectory it appears intent on taking, in the light of the vulnerability of the European and worldwide economy at the moment? This is a different kind of cost of living crisis than any we have experienced in recent history. The underlying factors that explain why we are experiencing this crisis and levels of inflation that are unprecedented, at least for this generation and the last, are different. It seems that the ECB is intent on raising interest rates. There is an inherent risk of a technical recession being experienced in that approach. It may also result in levels of unemployment that are of concern. Perhaps our guests from the two organisations could offer a perspective on the ECB's present position on interest rates, and the impact it may have on the Irish economy.