Mr. Vasileios Madouros:

I am happy to start. As the Deputy mentioned, broadly, openness and integration with a global economy are a key part of our economic model and the significant growth in living standards we have seen in this country over the past half-century. When I look ahead, there are two factors on my mind in terms of how we maintain that into the future.

The first is, to some extent, outside of our control but it is important that we are aware of it. At a global level, there is an increasing risk of what people are calling geo-economic fragmentation. In recent years, a number of countries have increased barriers to trade or foreign investment because of geopolitical risks. For us, as a small highly globalised economy, that really matters. There could also be potential near-term positive effects because one of the dimensions is what people have called friend-shoring. We are part of the European Union and also have a strong relationship with the United States, with key partners here. That is a risk.

The second dimension is a little broader but relates to maintaining the attractiveness of Ireland. It concerns infrastructure in the country and ensuring it keeps pace with the economic growth we have seen in different dimensions, such as housing, transport and so on. Human capital is also a factor, in terms of the education of the workforce and skills for the future.