on f & p standards. i thank you all for your engagement with the review and support for the f & p framework, given it is one of the key tools we have for ensuring continued trust and resilience in our sector. progress, don't regress so let me return to the topic of financial services and the economy, in particular in the face of a period of structural economic challenge and change. i think the importance of financial services for the economy is clear. but if trust is the true currency of this system, and resilience is essential to providing financial services through the cycle, then i hope it is equally clear that it is in both the economy's and the sector's interest that is well - run and well - regulated. this i believe has been the consensus of the post crisis years. and, for me, the evidence of success is in how the financial sector has managed the inflation shock, the pandemic itself and the impact of russia's war in ukraine. as we look towards the challenges ahead, however, it appears to me that the consensus is at risk of slipping. and rather than progressing by securing stable growth, we risk regressing into the mistakes of the past. you won't be surprised to hear from me that if a trustworthy and resilient financial sector is in all our interests, then calling for lighter regulation or for lower standards or indeed howling at the moon of no regulation at all is in no - ones'interests. i recognise the importance of competiveness. in fact i believe it is imperative we in europe focus on improving productivity in order to deliver better living standards for our citizens. tackling productivity problems, delivering more innovative companies in europe, and financing the digital and green transitions, are all important challenges we need to address. 4 / 7 bis - central bankers'speeches but i humbly suggest that financial de - regulation is not the answer. the nyberg report, the honohan report, the banking inquiry are not historic documents but rather the story of our very recent past. a story echoing similar stories in many other jurisdictions, such as the financial crisis inquiry commission in the us, and of course the larosiere report in europe. driving growth through'lighter touch'financial regulation failed. rather than delivering better growth it led to one of the most growth destructive events of the last century. not to mention the human costs at the time and in the aftermath ; as well as the long

damage that is done in its absence, when entities or systems fail, when liquidity dries up and when credit tightens to a crunch. to state the obvious, the benefits of financial services can only accrue if the system is resilient and if it is trustworthy. for, lest we forget, the reason any of this works at all is founded on trust. i can see the lawyers in the room protesting, and yes, there is of course a vast legal framework underpinning an array of financial contacts. but trust underpins the very notion of modern money, and thereby the very operation of the modern system of money itself. we trust that money we deposit at a bank is safe, and will be provided back to us when necessary. we trust that insurers can and will make good in the event of insured losses ; and that your pension will be well managed, and there when you need it. in addition to being trustworthy, the sector must also be resilient. for without resilience – both financial and non - financial – it is impossible to maintain trust through good times and bad. and indeed, as we have seen on many occasions, without trust there is ultimately no resilience, in that if one is lost the other is soon to follow. trust and resilience – through the cycle for this reason delivering trust and resilience is for me fundamental to ensuring that the financial system is well - functioning and operating in the best interests of consumers and the wider economy. we all have a part and a responsibility to deliver this, with important roles for regulators and supervisors but also for boards and management of financial services firms given it is you who bear the primary responsibility for managing the risks you face. for our part we deliver trust and resilience through the cycle through regulation, supervision and gatekeeping. 2 / 7 bis - central bankers'speeches regulation is the cornerstone of this delivery, providing a base - line of minimum standards, and working to aligning mis - aligned incentives. this includes capital and liquidity frameworks, our macroprudential measures, the consumer protection code, the individual accountability framework and the incoming digital and operational resilience act, to name but a few. while wholly necessary, experience has shown that regulation is not enough, and must be complemented by risk - based and active supervision, not merely to check compliance but rather to scrutinise risk management controls, culture and business risks and,