Mark Carney: Staying connected
The views expressed in this speech are those of the speaker and not the view of the BIS.
Thank you Peter (Grauer) for that introduction and for hosting the inaugural Markets Forum.
This incredible Fosters + Partners building connects the Roman Temple of Mithras in its foundations to the glories of St. Paul’s in its vista, while pushing the boundaries of sustainable office design.
It is a node in a global network that spins data, information, and capital instantaneously across the planet.
We have been reminded in recent years that networks have the power to divide, as well as connect. And we are here today to continue the process of reconnecting financial markets to the real economy.
Three years ago, in the wake of a series of scandals ranging from mis-selling to manipulation, and following a period when markets had become ever more connected to each other but disconnected from those they serve, the Bank of England, the Financial Conduct Authority and HM Treasury published the recommendations of the Fair and Effective Markets Review (FEMR).
FEMR was ground-breaking and ambitious in its recommendations to restore trust in the markets on which we all depend.
At today’s event, policymakers and market participants will take stock of the progress in building fair and effective markets. And we will consider how to maintain focus as memories fade and the temptation to turn inwards returns.
We are doing so because we know that everyone has a shared interest in real markets.
Real markets are professional and open.
They are resilient, fair and effective, and they maintain their social license.
Real markets are not ends in themselves but serve the interests of end-users.