What’s Over the Horizon? Monetary Policy in 2023 and Beyond

In his address to the IIEA, Gabriel Makhlouf, Governor of the Central Bank of Ireland, spoke about the path for monetary policy in the euro area in 2023 and beyond. He highlighted the range of incoming data that plays an important role for near term developments, as part of the ‘meeting-by-meeting’ approach to interest rate decisions. Governor Makhlouf then outlined his thoughts on some more medium-term factors that could influence inflation and monetary policy beyond 2023. About the Speaker: Gabriel Makhlouf took up his position as Governor of the Central Bank of Ireland on 1 September 2019. He chairs the Central Bank Commission, is a member of the Governing Council of the European Central Bank, a member of the European Systemic Risk Board, and is Ireland's Alternate Governor at the International Monetary Fund. Before joining the Central Bank, Governor Makhlouf was Secretary to the New Zealand Treasury and the Government's chief economic and financial adviser from 2011 to 2019. During his time as Secretary, he led reviews of New Zealand's three macroeconomic pillars (monetary, financial stability and fiscal policy) and the development of a new framework for the development of economic and public policy focused on intergenerational wellbeing. In addition, Governor Makhlouf was New Zealand's Alternate Governor at the World Bank, the Asian Infrastructure Investment Bank, the Asian Development Bank and the European Bank for Reconstruction and Development. He was also co-chair of the Trans-Tasman Banking Council.