Gabriel McLeof, the Governor of the Central Bank of Ireland, recognizes that the low global corporate income tax rate will have an impact on the Irish economy, but assures that the country will not fail to overcome this challenge.

Ireland was one of nine countries that violated the agreement, which was supported by 130 countries to create a tax rate of at least 15% to avoid tax evasion practices. The other two European countries against the global minimum rate are Hungary and Estonia. Ireland has one of the lowest corporate income tax rates in the European bloc (12.5%).

Speaking to the Politico website, McLaughn acknowledges that “the change in corporate tax rates will have some impact on the Irish economy,” but exaggerates his belief that this will have a significant impact.

“Taxes can be changed regularly in a reasonable way,” the governor said, adding that corporate investments are based on “confidence” in the economy and the quality of labor and governance. “You just have to travel across the country to see real economic activity,” he added.

It has long been alleged that Ireland offers very favorable terms to the largest multinationals, including Apple or Google.