fall, available at https : / / www. brookings. edu / bpea - articles / the - real - effects - of - the - financial - crisis / and summarised at https : / / www. brookings. edu / blog / ben - bernanke / 2018 / 09 / 13 / financial - panic - and - credit - disruptions - in - the - 2007 - 09 - crisis /. all speeches are available online at www. bankofengland. co. uk / speeches requirements. in the uk we are completing the ringfencing of our banks, to protect uk deposit takers from riskier investment banking activities. resilience has been further strengthened by the increasingly central role of central counterparties ( ccps ) for the trading of otc derivatives, a global post - crisis reform. that has made these firms systemically important components of financial markets, and we have responded accordingly by strengthening the prudential framework around them, and by extending them access to our liquidity facilities. there have also been more organic changes : the proliferation of non - bank sources of finance, the emergence of many new, small banks, and the growth of the fintech sector. these changes are driving new interconnections across a more diverse and genuinely distributed financial system, which, appropriately managed and regulated, is leading to real gains in resilience for the system as a whole. over this 11 year period central banks have changed too, no more so than in the size and reach of their balance sheets, which are unrecognisable from the pre - crisis period. the bank of england ’ s balance sheet has grown tenfold from around £60bn to over £600bn, equivalent to 30 % of gdp. and the story is similar in many other economies. developments in monetary policy in september 2008 the conduct of monetary policy could still be summarised as follows. the central bank produced a forecast of the likely paths for inflation and the degree of spare capacity. based on that forecast and the trade - off between the two variables it decided whether monetary policy needed to be incrementally tighter, looser or unchanged. in the uk case the mpc voted on one proposition every month, whether to adjust its policy rate to deliver the appropriate stance of policy and meet its remit of maintaining price stability. and it used its balance sheet to keep money market rates, which served as an anchor for rates in the wider economy,

grade, at the baldwin county social science fair, i took up the subject of sadie alexander's dissertation. collecting my own data and employing some of the data and discoveries of economics over the ensuing decades gathered at georgia college's library, i researched the major causes of african american unemployment. i remember that the local newspaper, the union - recorder, marked this occasion with a photograph of 12 - year old me. i sincerely hope that picture remains lost to history! i did not know it at the time, but this was the beginning of my interest in economics. i did not know it myself when i went away to college - ranging as far away as atlanta - and i did not know it when i graduated and was thinking about the appropriate field of graduate study. 3 / 4 bis - central bankers'speeches i figured it out, as it happened, at another place i never imagined i might get to - the slopes of mt. kilimanjaro in tanzania. i was hiking alongside a british economist who, by the end of that trek, had me convinced that economics possessed the tools to address some really big and important questions - questions, i realized, i had been excited and enthralled by since my seventh - grade research project largely done at georgia college's library. this economist also advised me on the higher - level math courses i would need to take to prepare to do a ph. d. in economics, and within months i moved back home and enrolled in the first of those math courses at georgia college. i relentlessly pursued the economic questions we discussed on kilimanjaro and related questions, in graduate school in california and then in moscow, where i conducted dissertation research on banking in pre - and post - soviet russia. i became a researcher and professor, teaching first at harvard university and then at michigan state university. while much of my research relates to various aspects of economic growth and innovation, i have spent time in various roles addressing why few women and people of color enter and advance in the economics profession, which is related to my research on patent teams. then, in 2022, i had the honor of being nominated by president biden to serve on the board of governors of the federal reserve system, whose decisions affect the entire economy and the well - being of everyone in america. it is a very wide circle that i have traced to return here today. and now that i have told you a little about the role gcsu has played in my