Commissioner Mairead McGuinness

European Commissioner for Financial Stability, Financial Services and the Capital Markets Union

Ireland is consistently ranked as one of the top countries worldwide in ease of doing business as well as openness to global trade. Being a long-standing member of the EU - with the four freedoms it brings, has fostered the success of Ireland’s key industries, such as pharmaceuticals, financial services, and the technology sector. These industries enjoy the advantages of Ireland’s membership of the Single Market including a wider customer base and a larger pool of talent.

Ireland’s ease of doing business, its young and educated workforce, and its ability to serve as a gateway to the Single Market has led to Ireland being a key location for US investment and trade. From Apple to Pfizer, from Microsoft to Intel, some of the world’s most innovative and successful companies have chosen Ireland as their home away from home.

Although the global economy faces a number of challenges in the years ahead – including climate change, geopolitical uncertainty, and the rise of AI – these challenges could provide an opportunity for a deepening of the ties between the US, Ireland, and the EU. Ireland’s commitment as a nation to democracy and the rule of law makes it an attractive location for ‘nearshoring’ of supply chains in the manufacturing processes for semiconductors and of pharmaceutical products.

The Single Market is likely also to expand in size and in strength in the future with the accession of new member states to the EU, which will provide opportunities for growth and investment for Irish-based companies to these new member states.

This expansion may further be coupled with much-needed reforms to the Single Market, such as completing the free movement of capital.

Evidence of the positive impact of the Single Market for the Irish economy can be found in a recent ESRI study which reveals that almost 20 percent of Ireland’s GDP and a quarter of its foreign investment is a direct result of being in the Single Market.

In my portfolio of financial services, developing a single market for capital in the EU is still a work in progress. There is a growing urgency to make real progress in advancing Banking Union and Capital Markets Union. We are making some progress, but we are not there yet, and a real push is needed to develop the deep and liquid capital markets which are so essential to provide the finance required for the green and digital transition.

There any many elections taking place around the world this year, including European Parliament elections in June and a US presidential election in November. So, it is a time of change and much speculation about election outcomes.

These elections take place against a backdrop of recent years’ major geopolitical tensions. We cannot also forget the disruptions caused to society and the economy from the Covid 19 pandemic.

We have learned a lot in the EU in how we dealt with the pandemic. Initial disorder gave rise to cohesion and solidarity, and unity of purpose among our member states - led by the President of the Commission, Ursula Von Der Leyen.

And while we can reflect on that experience, we also know that there are many other challenges ahead of us. The key is to realise that our unity is our strength, even if finding that unity can sometimes be difficult.

For the EU it is also very important to play a positive role at global level - be it around tackling climate change, defending human rights and working for peace.

The big challenges will not be faced in isolation, but rather by global cooperation. Hence the need for stronger multinational organisations and structures to facilitate such cooperation and collaboration.

Ireland celebrated 50 years of membership of the European Union last year. We know what can be achieved by being part of something bigger. Together with our 26 partners, Ireland continues to play an important role in the evolution of the EU.

We can help newer member states realise their full potential in the EU. Despite setbacks and difficulties in the past, the Irish economy is strong and enjoys full employment. Ireland is a thriving and influential member of the EU whilst also being a global player in the global economy.

We welcomed a time of peace on the island of Ireland with the Good Friday Agreement and here too the EU played its part and continues to do so. Ireland is a vital bridge for US trade with the EU, further strengthening the deep cultural and economic ties between both continents.