In the News..

Gabriel Makhlouf, Governor of the Central Bank of Ireland and Vasileios Madouros, Deputy Governor, Central Bank of Ireland delivered an address at University of Galway focusing on the outlook for the global economy. Organised by the University’s J.E. Cairnes School of Business and Economics as part of the Thinking Beyond thought leadership series, the event offered valuable insights into the implications of recent geopolitical developments and shifts in international trade policies on Ireland and the global economy. Vasileios Madouros also addressed students and faculty of University of Galway’s J.E Cairnes School of Business and Economics as well as students from the University’s Finance and Economics Society during his visit.             Professor of Economics at University of Galway Alan Ahearne said: “It is clear from our discussion that recent geopolitical developments and radical plans abroad to change trade policy present significant risks to Ireland’s small open trading economy. A global trade war would damage all economies and have implications for international flows of trade, foreign investment, exchange rates and inflation. Ireland and Europe need to get ready. Building economic resilience is key.”             Governor Makhlouf said: “I really enjoyed being back at the University of Galway to engage with students, staff and alumni on the key economic opportunities and challenges we face as a society. The financial system is evolving at pace, and it’s really important for the Central Bank of Ireland to continue to engage with people across the country – including students and educators – to hear their unique perspectives to inform our work. University of Galway has one of the largest business schools in Ireland, so it was a good opportunity to meet with economic students. As a subject, economics offers a toolkit to help us understand the issues that affect the way we live, work and play, which is arguably more important than ever in our rapidly changing world.”             Professor Alma McCarthy, Executive Dean, College of Business, Public Policy and Law at University of Galway, said: “J.E. Cairnes School of Business and Economics at University of Galway was delighted to host the Central Bank of Ireland to discuss the Irish and European economic outlook in the midst of significant geopolitical challenges.” Gabriel Makhlouf was appointed Governor of the Central Bank of Ireland in 2019, and is Chair of the Central Bank Commission, a member of the Governing Council of the European Central Bank, the European Systemic Risk Board, and is Ireland's Alternate Governor at the International Monetary Fund. Prior to joining the Central Bank, he was Secretary to the New Zealand Treasury and the NZ Government's chief economic and financial adviser. Mr Makhlouf also 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, Asian Infrastructure Investment Bank, Asian Development Bank and the European Bank for Reconstruction and Development. He was also co-chair of the Trans-Tasman Banking Council. Vasileios Madouros was appointed Deputy Governor, Monetary and Financial Stability in November 2022. In this role, he oversees the Economics & Statistics, Financial Stability and Financial Operations Directorates and leads engagement with domestic, Eurosystem and broader international stakeholders representing the Central Bank on wider financial system matters. Vasileios is an ex-officio Member of the Central Bank Commission and is the Governor’s alternate at the Governing Council of the European Central Bank. Prior to this appointment, Vasileios was Director of Financial Stability. In this role, he was responsible for the Central Bank's work to monitor threats to financial stability and provide advice on the use of macro-prudential tools, or other policy interventions, to mitigate those risks. Vasileios was also responsible for enhancing the Central Bank’s financial crisis preparedness and management capabilities as well as preparing for, and managing, the orderly resolution of relevant financial institutions. In this role, Vasileios was a member of the Plenary Board of the Single Resolution Board.   Ends

Findings will aid in updating national greenhouse gas emission inventories Researchers at University of Galway have created a new approach to finding peat soil, giving insight to where carbon is stored in the ground. Through a combination of state-of-the-art analytical techniques and data from the Geological Survey Ireland nationwide Tellus aerial survey, the research team has provided a revised picture of where peat soils are present across 80 % of Ireland, based on environmental gamma radiation measurements. The findings also offer huge potential to influence policy around land use and interventions to mitigate against greenhouse gas emissions. The study was led by Dr Eve Daly and Dr Dave O’Leary from the Hydrogeophysics and Remote Sensing research group at University of Galway in collaboration with Trinity College Dublin, Teagasc and Geological Survey Ireland. Lead author, Dr Dave O’Leary, PhD researcher, School of Natural Sciences, University of Galway, said: “Gamma rays are invisible, high-energy photons, like light, that are released during natural radioactive decay of materials in rocks and soils. Peat soils have a unique ability to block this type of naturally occurring radiation, drastically reducing the number of gamma rays detected by the sensor mounted on the Tellus aircraft when flying over peat soils.”  The research team focused on this trait of peat soils to train a machine learning algorithm to identify and provide confidence of similar soils occurring in the top 60 cm of the land where the Tellus survey has been flown to date. While peat depth cannot be directly measured this new analysis gave insights into the extent of peat soil and, importantly, identified the areas where soil changes from peat to mineral, which are typically hidden under things like forests and grasslands. Using this new research approach, the area of soil considered “peaty” within the Tellus geophysical survey potentially increased from 24 % to 30 %. The findings have been published in the leading soil science journal Geoderma.  Soils are a mixture of broken bits of rock, water, and air. Peat soils are distinct from mineral soils as they are formed from decaying plant material, mixed with water and air, and contain a very high amount of carbon. When waterlogged, this carbon is stored in the soils and their value has been increasingly recognised in recent years. When water is removed, for example via drainage, peat soils then emit carbon dioxide as the decay process restarts. Dr O’Leary added: “In general, people are relatively familiar or have heard of radon, but what they might not know is that this is a by-product of naturally occurring uranium in the rocks below our feet, which also emits gamma radiation. There are several sources of this natural radiation in the environment and our study uses the unique relationship between this radiation and peat soils to identify where peat is likely to be present.” “The Tellus survey has provided consistent coverage and measurements across about 80 % of the country at present. As this is a direct measurement from the soil, it allows us to create maps with boundaries showing realistic change from peat to mineral soils, regardless of what is covering the ground, be it trees or grass.” “Few countries have invested in such an incredible dataset, which puts Ireland at the forefront of peatland mapping research. Importantly, the data is free to use. We hope that our research will encourage and incentivise other countries to invest in such surveys to meet their peatland mapping needs.” Dr Eve Daly, Geophysicist and lecturer in Earth & Ocean Sciences, School of Natural Sciences, University of Galway, said: “This study gives decision makers and regulators more accurate spatial data on the extent of peat soil in Ireland and will assist in highlighting specific areas that are suitable, or not, for interventions to mitigate greenhouse gas emissions.” The study was funded by Geological Survey Ireland, a division of the Department of the Environment, Climate and Communications. The full study can be read in Geoderma here: https://www.sciencedirect.com/science/article/pii/S0016706124003586   Ends  

University of Galway has announced the appointment of Dr Tom Melvin as an Associate Professor to support its mission of advancing clinical trial methodologies and regulatory science. The appointment of Dr Melvin a globally recognised expert in medical device regulation, will enhance the Institute for Clinical Trial’s collaboration with the medtech industry, supporting innovation and the development of safe, effective medical technologies. Through his expertise, Dr Melvin will provide strategic guidance on regulatory pathways, ensuring that cutting-edge medical devices can reach patients efficiently while maintaining the highest safety and ethical standards. Launched in 2023, the Institute for Clinical Trials is dedicated to transforming how clinical trials are designed, conducted and translated into practice, with a strong focus on industry partnerships, education and regulatory leadership.             Professor Melvin said: “I am delighted to be joining University of Galway’s Institute for Clinical Trials - a place where operational and scientific excellence drive the ambition to rapidly translate research into impact. The translational development of a new medical technology is a complex journey that has become more challenging as a result of the revised framework for the regulation of medical devices in Europe. “The Institute for Clinical Trials is playing a vital role in supporting developers to translate their technology from idea and prototype to first clinical use. I look forward to providing support to medical technology developers, and to engage in research to develop improved methodological approaches for the evaluation of medical technologies.”             Professor Fidelma Dunne, Director of the Institute for Clinical Trials at University of Galway, said: “Dr Melvin’s expertise in medical device regulation will be invaluable to the Institute for Clinical Trials at University of Galway. His appointment strengthens our position as a leader in clinical trials and regulatory science, reinforcing our role in supporting industry and academic partners in bringing new innovations to patients.”             Professor Martin O’Donnell, Dean of University of Galway’s College of Medicine, Nursing and Health Sciences, welcomed the appointment: "Expanding the expertise and capacity of the Institute for Clinical Trials is a key priority as we build a world-class environment for clinical research. Dr Melvin’s appointment reflects our commitment to growing a team of leading experts who will drive innovation and impact in clinical trials and medical device regulation. His knowledge and leadership will be instrumental in further strengthening the Institute’s role in supporting industry, academia, and healthcare in Ireland and beyond." Dr Melvin brings extensive experience from his role as Associate Professor in Medical Device Regulatory Affairs at Trinity College Dublin and his previous positions as Clinical Manager and Senior Medical Officer for medical devices at the Health Products Regulatory Authority and Chair of the European Commission Clinical Investigation and Evaluation Working Group. He is also Chair of the Regulatory Affairs Committee of the Biomedical Alliance in Europe, and a member of the Regulatory Affairs Committee of the European Society of Cardiology, the National Research Ethics Committee for Medical Devices, and the European Medicines Agency Expert Panels for Medical Devices. Ends