we have won four global innovation awards in three consecutive years. while we can be proud of these achievements, i believe that much remains to be done. there is a famous quote by the american sociobiologist edward o. wilson that continues to occupy my thoughts of late : " the real problem of humanity is the following : we have palaeolithic emotions, medieval institutions and godlike technology. " you know that i spend a great deal of my waking hours thinking about the implications of the changing financial services environment we find ourselves in today. it's an increasingly complex landscape, where we are facing geopolitical, climate and operational resiliency risks emanating from third party dependencies and cyber - attacks. we are facing changes to business models incorporating partnerships and responding to competition from and new entrants bigtech and fintech. and the exponential growth of the global markets since the great financial crisis in the interconnectedness of entities categorized as non - bank financial institutions with banks, especially private credit and equity funds operating outside the regulatory perimeter, is concerning, even worrying as we think about the effects on supervision and financial stability. successfully connecting our technology and people to empower them in this changing landscape is essential. i would say that if we want to truly equip pete for the future, it's clear that our work has only just begun. thank you very much for your attention. i hope you enjoy the rest of the conference. 6 / 6 bis - central bankers'speeches

proper context. a new wisdom from financial globalization, however, is emerging. as professor rodrik will probably agree, reaping the benefits from globalization is by no means automatic. globalization, financial or trade liberalization, all need supporting institutions for their gains to materialize. furthermore, past experiences according to professor michael bordo of rutgers university, also indicate that although the globalization winners appear to outnumber losers in an increasingly integrated world, it is still possible that the losers ( even temporary ones ) can create a backlash that will once again cause a retreat in the globalization process. ladies and gentlemen, it is obvious that a global financial crisis will need a global solution. this symposium on financial globalization is thus very timely and come at a time when policy makers and market participants are in dire need of a better solution. and this year, we are honored to have with us many distinguished speakers from well - regarded institutions to discuss this important topic. we have professor dani rodrik of harvard university as our keynote speaker on the topic of “ the disappointments of financial globalization ”, followed by five leading international researchers, namely dr. claes berg, sveriges riksbank ; professor raghuram rajan, university of chicago ; professor jose antonio ocampo, columbia university ; dr. arvind subramanian, the peterson institute for international economics ; and dr. robert mccauley, bank for international settlements who will be presenting their in - depth studies over the next two days on broad range of issues, a part of which i have barely begun to touch upon. this symposium will also be rounded up by a panel discussion on “ financial globalization in emerging market economies ” which should provide an interesting discussion on the implication of financial globalization and the current financial crisis from an emerging market perspective. ladies and gentlemen, i would like to conclude by saying that the recent developments in financial markets around the world will stimulate considerable review and analysis in the months and years to come. across the globe, legislatures, regulators, financial supervisors are already hard at work trying to distill the lessons to be drawn from this experience and their implications for future policies. for the private sector, banks, credit - rating agencies, and the investment community are also trying their best in coping and adapting to these developments. for central banks, the implementation of monetary policy will certainly become a more challenging task as a result of the current financial turmoil. a lasting stabilization of the financial system obviously requires a holistic policy approach which successfully