The Tánaiste and Minister for Finance has said he will ensure that there is "ongoing careful management of the public finances" in his new role.
Simon Harris said he will be focused on "putting debt on a downward trajectory, reducing deficits, and rebuilding fiscal buffers."
Mr Harris made the comments in an address at the Central Bank's fourth annual Financial System Conference at Croke Park in Dublin, which was one of his first key engagements as Minister for Finance.
It was announced last week that the Tánaiste, and then Minister for Foreign Affairs and Trade, would be succeeding Paschal Donohoe at the Department of Finance.
In his speech today, he told the delegates it is "imperative that we continue to ensure the sustainability of the public finances."
He said that focus will include "continued transfers to the two long-term savings funds, putting us in the best possible position to respond to future challenges and shocks."
Speaking afterwards, Mr Harris said that "policy continuity is really important."
"We have worked so hard as a country to get our economy to a good place and of course, the Irish economy is in a relatively positive place, a position of strength, more people at work in the Irish economy than ever before, but we can never take that for granted, because the backdrop against all of that is one of huge geopolitical uncertainty," he stated.
He insisted it is "really important that we continue to mind the public finances, that we continue to invest strategically in ways that can improve our economy and society, and that we continue to build up fiscal buffers through the two funds that we set up in terms of our long-term wellbeing," he added.
"Crucially for me, as I take up this role, it's really important that we align our spending decisions with delivery in terms of the Programme for Government, the contract, if you like, between the Government and the people of Ireland," he added.
Mr Harris also said the Government will continue "to make sure we invest strategically."
"What you can see is the Irish economy is going very well, but there are headwinds out there, and we have to make decisions now that will make our economy even more resilient," he added.
Central Bank working on 'more straightforward' regulation
Meanwhile, the Governor of the Central Bank said today that the bank is working to make regulation "clearer, easier to navigate and more straightforward."
Gabriel Makhlouf said the Central Bank is committed to being "more effective and efficient" and is committed to "removing unnecessary complexity and burdens, while maintaining the resilience and protections necessary" to ensure it delivers on its mandate.
"Being straightforward in our actions and explanations will be a watchword for us," he added.
However, he said the commitment to "regulating well and being more straightforward does not mean a commitment to no new regulation."
"Rather, it means ensuring that each new measure is well-designed, well-justified, and well-understood," he stated.
Governor Makhlouf insisted the move towards making regulation more straightforward will not amount to a "weakening of our approach to regulation and supervision."
"You would be wrong to confuse our efforts to make better policy and to improve our processes with a weakening of our approach to regulation and supervision," he added.
"The standards we expect of regulated firms won't be lowered. We will not dial back our supervision. We will continue to take enforcement action where necessary. And if changes to the risk landscape mean we have to introduce new rules or requirements, we will do so," he said.
Governor Makhlouf made his comments at the Central Bank's fourth annual Financial System Conference, which is taking place in Dublin today.
More than 300 delegates, including international and domestic policymakers, industry leaders and representatives from across the financial system, are attending the event in Croke Park.
In an address to open the conference, Mr Makhlouf said the Central Bank is reviewing frameworks across sectors "to ensure alignment with evolving EU law, coherence across domestic regimes, and proportionality in application."
"This includes work on funds, insurance, banking, governance, outsourcing, Anti-Money Laundering, and data reporting, all guided by our aim to make regulation clearer, easier to navigate and more straightforward, without weakening the protections it provides to consumers and investors or standards of prudence," he said.
Mr Makhlouf told the delegates that the bank is "continuing to evolve", adding that he firmly believes "the work of central banks and regulators matters now more than ever."
"Effective and efficient regulation and supervision are among the most important contributors we can make to stability, resilience and confidence in the financial system," he said.
"The experience of the past few years has reinforced my view that a strong regulatory system does not depend on the number of rules, but on the quality of those rules, the effectiveness of their application, and the confidence they inspire," he added.
"This year, the world of financial regulation has been buzzing with phrases such as deregulation, de-supervision, modernisation and simplification. My preference is continuing to focus on being forward-looking, connected, proportionate, predictable, transparent and agile, or, to put it another way, regulating and supervising well," he said.
"Regulating well is not about loosening standards or dismantling the architecture that protects consumers and ensures financial stability. It is about making sure that what we do is clear, consistent and coherent, so that rules are understood, applied predictably, and achieve their purpose without unnecessary burden or complexity," he concluded.
Meanwhile, European Central Bank policy is in a "good place" both the Irish and Dutch central bank governors said today, repeating the bank's long-standing mantra that has kept expectations for further rate cuts muted.
"When it comes to inflation itself... I think we're in a good place right now," Central Bank of Ireland chief Gabriel Makhlouf told today's conference, echoing the words of Olaf Sleijpen at the same event.
"I do worry a bit about where services inflation sits, which is higher than it should be. I do worry a bit as to what I see happening to food inflation," Mr Makhlouf added.
