Thank you for the invitation to take part in today's conference.
As you know, central banks and regulators globally have been increasingly focused on the resilience of markets and, within that, the role of non-bank financial intermediation.
At the Central Bank of Ireland, we are in a relatively unique position to consider these issues given the breadth of our mandate: we are the central bank, the financial stability authority and the securities regulator.
This means that, when we think about markets, we take a holistic view on why they matter from a public policy perspective.
In that context, in my remarks today, I will focus on some of the structural changes in the financial system in recent years; what these mean for market functioning, especially in times of stress; and how strengthening resilience of non-bank finance can contribute to better functioning markets.
Ultimately, more resilient markets entail benefits both for investors and the broader economy.
The benefits of market-based financing
Economists have been considering the relative merits of bank-based versus market-based financial systems for decades.
I will spare you an attempt to weigh into that debate in the time available.