An economy rooted in community: what I’ve learned from visiting 26 counties

When I became Governor of the Central Bank in 2019, I set myself the goal of visiting every county in Ireland before the end of my term. I’ve now completed that journey, having visited all 26 counties (and also Belfast, where I joined Bank of England’s Governor Andrew Bailey to meet and listen to businesses there).

The purpose of these visits was simple: to listen. Understanding how an economy is working – and whether the financial system is operating in the best interests of consumers and the wider economy – requires good data and analysis. But it also requires engagement with the people, businesses and communities behind the numbers.

That engagement is an important part of how the Central Bank serves the public interest. It connects directly to the goal set out in our founding legislation: that the Central Bank of Ireland’s “constant and predominant aim shall be the welfare of the people as a whole”.

Outreach takes different forms and happens at all levels across the Bank. From industry fora, consumer and innovation hubs, to listening events with civic and community groups, to visiting businesses and to our research engagement programme. All of these interactions help inform our understanding of the economy and the financial system, and ultimately the decisions we make.

Having now completed my journey across the 26 counties, I thought I would use this blog to reflect on some of what I’ve seen, heard and learned along the way.

The word economy comes from the Greek for house or family (oikos) and management (nemein). So, originally a micro, or if we expand it a little, local concept. As economists, when we look at aggregate or macro fluctuations, such as changes in economic growth or the unemployment rate, we should always remember this "micro in the macro". Meeting with members of the public, businesses, community groups and students across the country reminds us of this.