paul tucker : discussion of lord turner ’ s lecture, “ reforming finance – are we being radical enough? ” remarks by mr paul tucker, deputy governor of the bank of england, at the clare distinguished lecture in economics, cambridge, 18 february 2011. * * * master, it is a real pleasure to be here this evening. and it is a real pleasure to kick off the discussion of adair ’ s paper. we spend a great deal of time together – constructive and productive time – at international fora, and this evening adair has typically provided a splendidly thorough survey of responses to the financial crisis. adair casts it as about “ radicalism ”. i don ’ t think it ’ s necessary to frame the issues in that way. in his monumental survey of the long - eighteenth century revolution of ideas and practice, radical enlightenment, 1 jonathan israel argues that the “ true ” force of the enlightenment was the democratic urge of a loosely allied group of thinkers underemphasised by mainstream historiography. but even if he is right, the so - called “ mainstream enlightenment ” still, surely, turned the world upside down. one does not need to sign up to whig views of history to believe that, by largely separating the world of enquiry from the world of faith, it set in train profound forces. but if i do not see a need for one of the organising rhetorical constructs of adair ’ s lecture, i do most certainly think that we need to deliver fundamental change in the “ rules of the game ” for the financial system. adair ’ s talk therefore provides an excellent opportunity to pause and review some of the ways in which policy and theory have been interacting so far. the literature on myopia and the crisis i want to begin with theory not policy, and the paper by shleifer et al cited by adair helps to provide an organising framework. this paper reflects the growing response of the economic profession to the crisis, and should hearten us all that theory is alive and well and productive. unlike most papers written over the past three to four decades, shleifer abandons rational expectations ( re ) in favour of a world in which agents are seriously myopic about certain low probability, high impact risks. it is worth reminding ourselves of the re paradigm, which has dominated macroeconomics and finance since the ‘ 70s. it posits a state of affairs in which agents know the world – know the structure of the

joachim nagel : the benefits of diversity for central banks speech by dr joachim nagel, president of the deutsche bundesbank, at the g7 cebadi diversity, equality and inclusion summit 2022, frankfurt am main, 4 november 2022. * * * 1 welcome good morning everybody, when i was invited to give the " opening speech " at your cebadi summit some time ago, i happily agreed. unfortunately, my schedule changed in the meantime and i wasn't able to make it yesterday. thus, i am only joining you on the second day of this summit. and i would like to share some thoughts with you : the experts who are driving diversity throughout central banks worldwide, who are attending this summit either in person or virtually. 2 why diversity does matter let me start with the basics. the bundesbank, as a federal authority in germany, is of course committed to the values of our society. diversity is a cornerstone of our liberalpluralistic system of values. it is enshrined in our constitution and a key human rights issue. as a public authority, we also want to reflect the society we serve. this is a question of fair participation for all. looking at the bundesbank as an employer, however, there is another aspect that needs to be taken into account. we need more diversity because diverse teams can achieve better work results. the reason is that diverse teams are more likely to question traditional structures and to think creatively. they tend to find different ways of solving a problem. this is how innovation is achieved and how an organisation remains capable of learning and developing. 3 dimensions of diversity to attain this diversity of thought, we need to promote all dimensions of diversity in all its facets. over the last decade, the focus of diversity at the bundesbank has been first on the inclusion of people with disabilities and second on equality between men and women. we have already been very successful in the inclusion of persons with disabilities. in 2014, the bundesbank further developed the previously existing integration agreement and adopted the inclusion agreement. in doing so, it became one of the first federal authorities in germany to adopt the un disability rights conventions and to firmly anchor the guiding principle of inclusion within the bank. in recent years, the bundesbank has significantly exceeded the legally required quota of 6 % for employees 1 / 3 bis - central bankers'speeches with disabilities. last year, this quota was even slightly above 9 %. however, for me