Micheál Martin (Cork South-Central, Fianna Fail) | Oireachtas source

The implications of this war are widespread. The danger is that there will potentially be secondary effects on the wider economy. Governments cannot chase inflation. We cannot compensate for every price increase everywhere. That will not work. We have to try to target our resources as best we can at those most in need. There are concerns about the inflationary impacts of this crisis, which may feed into the wider economy. It could affect all areas and sectors of the economy. The ECB has already downgraded its economic growth forecasts for the European Union. It was predicting growth of 1.4% for 2026 but it has now reduced that to 0.9%. We will also have to look at our growth figures. I would say there will be some decline in what is expected and anticipated as a result of this crisis.

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