Gabriel Makhlouf: Innovation, disruption and change - the great disintermediation

Remarks by Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland, at the 14th Single Supervisory Mechanism (SSM) Round Table, 11 November 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
12 November 2021

It is a real pleasure to welcome everyone to this 14th SSM Roundtable.

There is an exciting agenda today discussing the key issues of sustainable finance, sustainable business, post-pandemic regulation, and effective ESG supervision.

Given I have the honour of the opening remarks, I want to take a broad view of the dynamics of change in the financial system and the challenges we all face in managing both the process of change and risks from the change itself. The other sessions will go into greater depth on the four key areas I outlined.

Change is a concept that all of us are used to. Reflecting on the last two years, we all adapted very quickly to new ways of working, new ways of engaging, simply because we had no choice – we had to change.