course, i expect some change. but i also believe we have a very solid foundation on which to build the broad supervisory and regulatory relationship necessary for the uk and the eu economies to continue to benefit from our cross border financial connections and from the integration of global and european markets that this encompasses. i am here talking, with our responsibility for financial stability in the uk, about the management of financial stability risk on both sides. i am not, to be clear, talking about trade negotiations. as a former uk ambassador to the eu, i know full well that there are many things in the world of eu - uk relations apart from financial regulation and financial stability. it is, however - and as i said at the outset - for others to decide those things. my point today is that we have over the past ten years achieved a step change in the governance of financial globalisation and the way in which we manage cross border risks. as memories of the crisis fade, we need to work together to sustain and reinforce the progress we have made to deal with new cross border financial sector risks – challenges like the impact of climate change on the financial sector and the technologically - driven changes we are seeing in cross border payment systems. the reforms to governance of financial globalisation also provide the direction, once the uk leaves the single market for financial services, for the development of the governance of the deep financial links that will continue to exist between us, to the benefit of all our economies. thank you. all speeches are available online at www. bankofengland. co. uk / news / speeches

sector connections between us. governance of eu - uk financial interconnectedness and that brings me back to the subject of the governance of international finance – the way in which jurisdictions can gain the assurance about the import and export of financial sector risk necessary for their economies to benefit from the efficiency, opportunity and risk management offered by financial globalisation. for the last 30 years or so the governance for cross border financial activity within the eu has been increasingly provided by the legislation, regulation and institutions of the single market in financial services. for the uk, this will continue for another 11 months. but after that we will need new ways to provide the governance for the deep financial connections that will continue between us. the progress in stronger international governance frameworks that i have described provides the basis for that. the development of international standards, of the norms for cooperation, the machinery for scanning and assessing risks and for generating common approaches, provide for mutual assurance in a way that was not possible in the past. we will be able and will need to build on that basis. some of this may come through the ‘ equivalence ’ regimes present in some eu legislation, regimes that will initially at any rate be mirrored in uk legislation as we start with the eu acquis on - shored into national law. but those regimes cover only a part of the cross border connections. they do not, for example, cover how the supervisors of the large eu banks active in london will cooperate with the uk supervisory authorities to all speeches are available online at www. bankofengland. co. uk / news / speeches provide assurance about the risk being imported into the uk. or how the eu authorities – at european and at member state level – will manage the pooling of eu risk in the global markets of london. we have a good basis on which to build. most obviously we leave the eu with the same legislation and regulation – ‘ equivalence ’ at the starting point of this new relationship should not take the regulatory authorities on either side very long to establish. the financial policy committee of the bank of england has made clear that it is committed to maintain a level of financial sector resilience that is at least as great as that currently planned, which itself exceeds that required by international standards. on the supervisory side, the bank of england has over the last 18 months signed 30 mous with eu and eu member state authorities covering pretty much all aspects of financial sector activity. the financial conduct authority has done likewise. the issue therefore is not the starting