L'Europe, C'est Nous — Governor Gabriel Makhlouf remarks informal ECOFIN dinner

Tánaiste, Ministers, Governors, Commissioners, Deputy Governors, colleagues and friends.

It is a great pleasure to join the Tánaiste in welcoming you to Dublin this evening.  I am conscious that, at this point in the proceedings I am standing between you and the next course.  So, I will resist the central banker’s instinct to offer a comprehensive assessment of risks – to the economic outlook, not this dinner – and confine myself to a few brief reflections.

We have covered a great deal today. Our discussions have ranged across the challenges facing Europe and its citizens, and the choices we must make in responding to them.  We have not lacked for difficult questions.  But one of the real benefits of an informal ECOFIN is that it gives us the time and space to speak openly and, just as importantly, to listen.

It is particularly fitting that we were in Dublin Castle this afternoon.  Few places reflect Ireland’s history and transformation so visibly.  Across the centuries, the Castle has witnessed profound political and economic change. Today, it provided the setting for European partners to meet and work together on shared challenges.

That spirit of working together has deep roots in Ireland. There is an old tradition known as the meitheal which is neighbours coming together to complete a task that would be difficult for any one person to manage alone. There was no elaborate structure: everyone brought what they could, trusted others to do the same, and the work was accomplished together.

It strikes me that this is not a bad image for Europe at the moment.

We meet at a time of profound change with geopolitical and geoeconomic fragmentation, rapid – and sometimes frightening – technological developments and challenges to the foundations of the international economic order that we are all familiar with.  No Member State can fully insulate itself from those forces.  Nor can any of us respond to them effectively on our own.

Our strength lies in what we have built together: an open economy, a single market, shared values and institutions, strong relationships across the world and the capacity to act collectively when circumstances demand it.  That collective strength is not abstract. It supports jobs and investment, reinforces economic and financial stability, and helps us protect the interests of the people in our communities.

The discussions at the Central Bank this morning and our Joint Working Session this afternoon offered good examples. We considered the extraordinary pace of change in the financial system from artificial intelligence and digital banking to new forms of money and payments.  These developments bring enormous opportunities. They also raise difficult questions about resilience, about inclusion and about stability.

But beneath all of those questions sits something more fundamental, trust. Trust that innovation will serve people rather than leave them behind.  Trust that the financial system will remain safe and resilient as it changes.  And trust that we, as policymakers, will be honest about uncertainty, open to different perspectives and prepared to act when needed.

Trust cannot be created by regulation or declaration alone.  It is built over time, through competence and through consistent action, but also through relationships.  That is why occasions like this matter.  The formal sessions allow us to test ideas and reach decisions; conversations around the table allow us to understand one another’s perspectives and find the common ground on which those decisions depend.

Ireland’s Presidency comes at a demanding time, but also at a moment of opportunity.  If we approach the months ahead with openness, ambition and a willingness to work together, Europe can meet the challenges before it with confidence.

Finally, to return to the idea of the meitheal: each of us brings a different perspective and different responsibilities, but the work is shared.  As the Irish saying which happens to be the title of Ireland’s Presidency programme puts it: Ní neart go cur le Chéile, there is no strength without unity. 

Let me conclude by recalling the words of Louis XIV.  In fact, historians tell us it’s apocryphal but let’s not spoil a good line.  Over 350 years ago, he is alleged to have said “l’État c’est mois”.  Perhaps today he might have said “l’Europe, c’est nous et il n’y a pas de force sans unité”.

I hope this dinner gives us the opportunity to continue our conversations in that spirit.  Thank you and enjoy the rest of the evening.