Cheng, I H, Hong, H and Scheinkman, J (2010), “Yesterday’s Heroes: Compensation and Creative Risk-Taking”, National Bureau of Economic Research, Working Paper 16176. Commodity Futures Trading Commission and Securities and Exchange Commission (2010), “Findings regarding the market events of May 6, 2010”, Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues, September 30. Diamond, D W and Dybvig, P H (1983), “Bank runs, deposit insurance, and liquidity”, Journal of Political Economy 91(3), pages 401–19. Dusenberry, J S (1949), “Income, Saving and the Theory of Consumer Behavior”, Harvard University Press. Egginton, J, Van Ness, B and Van Ness R (2012), “Quote Stuffing”, University of Mississippi, Working Paper Series. Fahlenbrach, R and Stulz, R M (2010), “Bank CEO incentives and the credit crisis”, Journal of Financial Economics, Vol. 99 (1), pages 11–26. Foresight Project (2011), “The Future of Computer Trading in Financial Markets”, Government Office for Science Working Paper. Frank, R H (2011), “The Darwin Economy: Liberty, Competition, and the Common Good”, Princeton University Press. Gabaix, X and Landier, A (2008), “Why has CEO pay increased so much”, Quarterly Journal of Economics, 123 (1), pages 49–100. 10  BIS central bankers’ speeches  Gai, P and Shin, H S (2004), “Debt Maturity Structure with Pre-emptive Creditors”, Economic Letters, 85(2), pages 195–200. Haldane, A G (2011a), “Control rights (and wrongs)”, available http://www.bankofengland.co.uk/publications/Documents/speeches/2011/speech525.pdf. at  Haldane, A G (2011b), “The race to zero”, available http://www.bankofengland.co.uk/publications/Documents/speeches/2011/speech509.pdf. at  Haldane, A G (2011c), “Capital Discipline”, www.bankofengland.co.uk/publications/speeches/2011/speech484.pdf.

Second, actions need to be taken to get academia more involved in policymaking, to bring the discipline of theory-based analyses to the policy debates. That implies a better access to governmental data for academic researchers, to enable them to conduct independent and  BIS central bankers’ speeches  1  rigorous research and expose their results to policymakers and the general public, who should listen to them in return. Well, I hope this is no wishful thinking and I will now leave the floor to our distinguished speakers. Thank you. ***** Closing speech To close today’s conference, I would like to come back to the Foundation and its role. I will focus on a brief historical overview of the Foundation for Monetary, banking and financial economic research. A lot has been achieved since 1995, as you know. What was our goal? To promote excellence in academic research in the field of monetary policy and finance. And did we achieve it so far? Well, over three hundred conferences and seminars have been sponsored. The research grant program has also awarded 81 grants for about 2.4 million euros in total. While it is difficult to identify the potential outcome of projects at an early stage, the program has been rewarded by excellent outcomes. Most papers were published in the best international research journals. Yet not just academic successes were achieved. Some papers were also financed by the Foundation and later became hot policy topics, sometimes with very good insight.