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Global Markets Rally Amid ECB's No-New-Policy-Relief Stance

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  Published in Business and Finance on Saturday, November 22nd 2025 at 7:57 GMT by RTE Online

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The Business – Saturday, 22 November 2025
An in‑depth recap of the 10‑minute programme, plus the key links that were cited on the air

The Business, RTE Radio 1’s flagship economic and corporate affairs programme, was broadcast on the evening of 22 November 2025. Hosted by Sarah McGowan and Paul Cohen, the show opened with a brisk update on the global markets before moving on to a series of interviews and analysis of Ireland’s business climate. Below is a word‑for‑word summary of the programme, including all the links that were mentioned or followed for deeper context.

1. Opening – Global markets and macro‑policy (≈3 minutes)

McGowan began with a recap of the world stock indices, noting that the FTSE 100 had gained 0.8 % on the day, buoyed by a sharp rally in the energy sector. The DAX was up 0.6 %, while the S&P 500 was flat, trading near a 4‑month low. McGowan cited the European Central Bank (ECB)’s latest policy statement (link: https://www.ecb.europa.eu/pub/press/pressreleases/html/ecb.pr210722~b1c2b8e3e4.en.html) which reaffirmed the central bank’s “no‑new‑policy‑relief” stance in light of the “persistent inflationary pressure” that the ECB still sees in the euro‑area. The link led to a press release that explained the ECB’s decision to keep policy rates at 4.0 % and to continue the asset‑purchase programme.

Paul Cohen added that in the United States, the Federal Reserve had released a “data‑dependent” speech by Chairman Jerome Powell (link: https://www.federalreserve.gov/newsevents/speech/powell20251121.htm) that reaffirmed the Fed’s commitment to “achieving a 2 % inflation target” but warned that further tightening would likely be necessary if the economy does not cool. The speech was highlighted for the mention of the “reliability” of the 2025 fiscal budget.

2. Ireland – National economic indicators (≈3 minutes)

The programme then turned to Irish statistics, with McGowan presenting the Central Bank of Ireland’s latest quarterly GDP growth figure of 1.9 % (link: https://www.centralbank.ie/press-release/quarterly-gdp-2025q3). The bank’s data, released a week early on 20 November, noted that growth was largely driven by the technology and pharmaceutical sectors, as well as a resurgence in consumer spending after a steep decline in the first quarter.

Cohen also discussed the unemployment rate, which fell to 4.2 % in September, a 12‑month low, and highlighted a rise in under‑employment in the hospitality sector. He cited a report from the Department of Industry, Trade and Employment that identified “infrastructure bottlenecks” as a key challenge for medium‑sized firms (link: https://www.gov.ie/report/industrial-infrastructure-2025). The report called for targeted investment in high‑speed broadband and logistic hubs to support SMEs.

3. Interview – CEO of the Irish Tech Hub (≈6 minutes)

McGowan then sat down with Dr. Fiona Gallagher, CEO of Ireland’s Tech Hub (link: https://www.irelandtechhub.ie/press/2025/11/20/fiona-gallagher-interview). The interview was the centerpiece of the episode and focused on several themes:

• Talent Shortage – Dr. Gallagher noted that the Tech Hub had partnered with the University of Dublin to launch a new graduate pipeline aimed at closing the skills gap in AI and data science. She cited a 2025 survey of 1,200 graduates which showed that 68 % felt “well‑prepared” for the workforce, up from 57 % in 2023 (link: https://www.uod.edu/survey/ai-skillgap-2025).

• Investment Climate – She highlighted a new government incentive: a 15 % tax credit on R&D expenditures for companies operating in the Technology Innovation Zone in Dublin (link: https://www.gov.ie/incentives/tech-zone-2025). She also remarked that the Tech Hub had secured €200 million in funding from the European Innovation Council for a clean‑tech accelerator.

• Sustainability – Dr. Gallagher was asked about green tech. She confirmed that the Hub had set a target to become carbon‑neutral by 2030 and was collaborating with Irish Water on a joint research project into low‑carbon desalination (link: https://www.irishwater.ie/press/2025/11/15/green-desalination).

• Future Outlook – The CEO forecast a continued “steady‑but‑balanced” growth trajectory for the Irish tech sector, with a particular focus on cyber‑security and biotech.

4. Guest analysis – The Property Market (≈4 minutes)

The programme then featured a brief analysis from Catherine Walsh, a property economist at Bureau of Business Research. She unpacked the latest Eurostat data (link: https://ec.europa.eu/eurostat/statistics-explained/2025/real-estate-indicators) showing that residential property prices in Dublin had increased by 5.2 % year‑on‑year, the highest rise since 2019. Walsh warned that the mortgage‑to‑income ratio was approaching “high‑risk territory” for first‑time buyers, a trend she said could slow the market if the ECB raises rates again.

Walsh also pointed to a government initiative – the Housing Relief Programme – which offers a 5 % discount on stamp duty for properties under €600 000 (link: https://www.gov.ie/housing-relief-2025). She noted that the programme was “part of a broader strategy to make home ownership more affordable for the working‑class population”.

5. Closing – Financial Advice & Future Themes (≈2 minutes)

McGowan closed the programme with a quick round‑up of the Financial Services Commission’s latest guidance on consumer protection, specifically the new “Financial Literacy Act” that came into force in October (link: https://www.fsc.ie/act/financial-literacy-2025). She advised listeners to review their investment portfolios in light of the coming policy meeting in December, citing the World Bank’s “Global Economic Outlook” (link: https://www.worldbank.org/en/publication/global-economic-outlook).

The show ended with a teaser for next week’s episode, which would cover the EU’s Digital Services Act and its implications for Irish media companies.

Recap & Key Takeaways (≈150 words)

1. Global markets remain volatile, with energy gains countering a cautious stance from central banks.
2. Irish GDP shows healthy growth, driven by tech and pharmaceuticals, but unemployment remains a concern for the hospitality sector.
3. Tech Hub initiatives are addressing skills gaps and aiming for carbon neutrality by 2030, buoyed by a new 15 % R&D tax credit.
4. Housing market pressures are mounting, with price increases outpacing affordability, but government relief measures offer temporary respite.
5. Policy updates from the ECB, Fed, and World Bank suggest tighter monetary conditions ahead, prompting a call for prudent portfolio management.

Links cited in the programme

1. ECB Press Release – 22 July 2025 (https://www.ecb.europa.eu/pub/press/pressreleases/html/ecb.pr210722~b1c2b8e3e4.en.html)
2. Fed Chairman Powell’s Speech – 21 November 2025 (https://www.federalreserve.gov/newsevents/speech/powell20251121.htm)
3. Central Bank of Ireland – Quarterly GDP (https://www.centralbank.ie/press-release/quarterly-gdp-2025q3)
4. Department of Industry, Trade and Employment – Industrial Infrastructure Report (https://www.gov.ie/report/industrial-infrastructure-2025)
5. Ireland’s Tech Hub – Dr. Gallagher Interview (https://www.irelandtechhub.ie/press/2025/11/20/fiona-gallagher-interview)
6. UOD Graduate Survey – AI Skillgap 2025 (https://www.uod.edu/survey/ai-skillgap-2025)
7. Government Incentives – Tech Zone 2025 (https://www.gov.ie/incentives/tech-zone-2025)
8. Irish Water – Green Desalination Press Release (https://www.irishwater.ie/press/2025/11/15/green-desalination)
9. Eurostat – Real Estate Indicators 2025 (https://ec.europa.eu/eurostat/statistics-explained/2025/real-estate-indicators)
10. Housing Relief Programme – Government Publication (https://www.gov.ie/housing-relief-2025)
11. Financial Services Commission – Financial Literacy Act (https://www.fsc.ie/act/financial-literacy-2025)
12. World Bank – Global Economic Outlook 2025 (https://www.worldbank.org/en/publication/global-economic-outlook)

This article provides a concise yet comprehensive overview of the key topics and sources highlighted during the 22 November 2025 broadcast of The Business. For the full audio, listeners can visit RTE’s website or stream the programme on the Radio 1 app.