Central Bank of Ireland Governor Gabriel Makhlouf has emphasised that public trust, operational resilience, and modern central bank infrastructure must remain at the core of Europe’s evolving financial landscape. Speaking at the "Trust and Innovation – the Future of Finance" conference held in Dublin, Makhlouf addressed European central banking figures and financial sector leaders on the rapid pace of technological transformation across payments.

In his opening address, Makhlouf stated that trust serves as the essential foundation for monetary and financial stability. He highlighted that public money and private payment options have historically co-existed and reinforced one another, noting that future financial developments must maintain an expanded framework where both traditional and emerging payment methods remain secure, interoperable, and fully trusted by consumers.

The Governor outlined three central policy priorities to guide the transition: infrastructure modernisation, operational resilience, and responsible innovation. Key infrastructure developments include advancing the digital euro for retail consumers and developing distributed ledger technology for wholesale settlement systems. On resilience, Makhlouf warned that private payment providers, including traditional banks and emerging fintech firms, must maintain strong financial and operational safety nets, with regulatory frameworks adapting alongside new technologies.

The event coincided with Central Bank research highlighting shifting payment habits among Irish consumers and businesses. The research estimated that the private cost of processing retail payments for Irish businesses exceeds €1 billion annually, with small firms facing disproportionately higher costs. Furthermore, close to half of consumers under the age of 35 now use mobile wallets as their primary payment method, while three in five adults maintain accounts with digital banks alongside traditional financial institutions.