The Government should focus on building resilience in the economy and moving closer to energy independence to protect against future energy shocks that have the potential to drive up inflation and drag down growth, the Central Bank of Ireland has said. However, they are expected to remain persistently elevated out to 2028 with oil and gas prices still almost 50% and 80% above baseline. Director of economics and statistics at the Central Bank Robert Kelly said their message was about “building resilience”, both in fiscal terms and across the wider economy, that will help protect against shocks such as the one the country is currently experiencing. “Also, when we think about what would ultimately build resilience to, the likes of the shocks we're seeing here, it would be energy independence. In the short-term, Mr Kelly said Government supports to deal with the fallout from these shocks should be “targeted, temporary, and tailored”.

Source: Irish Examiner March 26, 2026 00:09 UTC