the imf in particular, to permit it to play an effective role in tackling the the unique nature of the responsibilities of the international monetary fund. imf pamphlet series no. 46, 1992, footnote 54. how economics managed to make amends, by arvind subramanian, peterson institute for international economics. op - ed in the financial times december 28, 2009. crisis. indeed, the g20 increasingly uses the imf as an instrument of its policy implementation. the governance structures of the imf have received considerable attention, as they are not deemed to adequately reflect recent important changes in the global economy. misgivings about the legitimacy of these structures have played a role in prompting the g20 member countries to “ … designate [ d ] the g20 to be the premier forum for our international economic cooperation ” as agreed by the g20 leaders at their summit in pittsburgh last september. with his presence at the world economic forum meeting in davos last month, the chair of the g20 aimed to “ drum up support for the idea of making the summit [ in korea later this year ] a “ premier forum ” where all major discussions on worldwide economic cooperation will take place ”. 6 therefore, the current ambition of the g20 may not only be driven by the global crisis. it may also reflect the frustration of some key countries with what they see as a slow evolution of the decision - making bodies of the imf in response to changes in the composition of the world economy and the rise of new economic powers. international policy cooperation has thus moved out of statutory bodies and into groups of a select few, bypassing established channels and fora. other countries do not participate, directly or indirectly, but are called upon to contribute to efforts that others have agreed. the g20 discusses and aims to agree on changes in imf governance. the vast majority of the membership of the imf has no voice or representation in these discussions, including all lowincome countries and most emerging economies. if they are not addressed effectively, the large and growing global imbalances that contributed to the current crisis are likely to widen anew. this would again put at risk the stability of the global economy. linked to these prospects are the continued rigidity of important exchange rates and excessive reserve accumulation leading to the build - up of unsustainable debt. i agree with those who have said that in recent years, the international monetary system failed to promote timely and orderly economic adjustment. 7

philip r lane : technological innovation and financial services address by mr philip r lane, governor of the central bank of ireland, at financial services ireland ibec annual lunch, dublin, 16 june 2016. * * * the long - term economic and social implications of technological innovation are widely debated. the international central banking community devotes considerable effort to assessing future productivity trends, with opinion divided between techno - optimists and those that consider that the current wave of technological innovation will generate only limited macroeconomic gains compared to previous waves of innovation in the nineteenth and twentieth centuries. today, i wish to focus more narrowly on the opportunities and risks posed by technological innovation for the financial services industry. as a financial regulator, the central bank of ireland must try to anticipate shifts in the financial services landscape, in view of the implications for regulated firms and industries and, indeed, the implications for our capacity to deliver our mandate in relation to the preservation of financial stability and the protection of consumers. while recognising that we do not possess a crystal ball, the bank has to consider the effects and risks of potential innovations. to this end, we seek to understand : ( i ) the drivers of technological innovation ; ( ii ) the possible outcomes ; ( iii ) the associated risks ; and ( iv ) the preparedness of financial firms. i will consider each of these areas in a little more detail. 1. drivers of technological innovation in the financial sector several forces are at work in driving technological innovation in the financial sector. first, the challenges facing existing business models and the identification of opportunities associated with new technologies are push and pull factors that build momentum for technological innovation. second, as consumers increasingly move online in relation to a wide range of personal and retail activities, the market for financial services naturally evolves in the same direction, with incumbent providers of financial services possibly facing competition from online firms that have built strong relationships with consumers in other areas. the ongoing digital revolution poses fundamental trade offs for incumbent firms, given the burden of legacy infrastructures and cost bases. however, from the perspective of consumers, the potential for increased competition from new entrants may help to reduce costs and increase choice in the provision of financial services. individual firms and sectors are grappling with technological innovation in different ways and with different perspectives, with many welcoming the associated challenges and opportunities. it is inevitable that there will be winners and losers associated with technological innovation, both among incumbent firms and new entrants. 2. potential outcomes for