heads - i - win - tailsyou - lose ” bubble ; widespread rigging of some core markets was exposed ; and masters of the universe became minions. few in positions of responsibility took theirs. shareholders, taxpayers and citizens paid the heavy price. as a consequence of all these developments, public support for open markets is under threat. turning our backs on open markets would be a tragedy, but it is a possibility. it can only be averted by confronting the underlying reasons for this risk upfront. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 3 : real gdp per capita more than doubled since 1960 chart 4 : life expectancy at birth up around two decades since 1960 index 1960 = 1 years 3. 0 gdp per capita ( constant 2010 us $ ) world life expectancy at birth, total ( years ) 2. 5 2. 0 1. 5 1. 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 source : world bank 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 source : world bank real income growth has been meagre, compounding unequal distribution. the cry for more inclusive growth starts with a crisis of growth itself. to put it mildly, the performance of the advanced economies over the past ten years has consistently disappointed ( chart 5 ). chart 5 : global growth serially disappointing actual gdp growth per cent 8. 0 dotted lines = emerging economies solid lines = advanced economies 6. 0 4. 0 2. 0 0. 0 source : imf world economic outlook. each line shows how forecasts for a particular calendar year have evolved over time. the diamond shows the eventual outturn. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx history tells us that recoveries from financial crisis are weak, with a typical hit of around 1 percentage point iii off per capita gdp growth each year for a decade. globally, we are tracking that pattern, with overall activity 9 % below its pre - crisis trend nine years on. even by these standards, however, advanced economy recoveries have been unusually tepid, with their current level of activity around 13 % lower than the pre - crisis trend. in the uk the shortfall, at 16 %, is even worse. over the past decade real earnings have grown at the slowest rate since the mid - 19th century

presents works from the fields of painting, drawing, print, installation, photography and sculpture by some 20 artists. the exhibitions are organised in collaboration with the national central bank of the country in question and generally also include works from its collection. the exhibitions regularly provide the ecb with the opportunity to purchase works for its own collection, so exhibitions and the formation of a collection go hand in hand. to date the ecb has presented 15 countries and also hosted three special exhibitions dedicated exclusively to the collections of central banks. these showed works from the collections of, in 2006, the oesterreichische nationalbank, in 2006 / 07 the federal reserve board, and in 2008, for the tenth anniversary of the european system of central banks, 18 central banks in europe. the ecb ’ s collection currently comprises 170 works by 75 artists and is shown in the ecb's three buildings. the ecb offers regular tours of the exhibitions and the collection, for example on the corporate collections weekend held by the state of hesse. second, the ecb has held the “ cultural days of the ecb ” since 2003. this event also takes place once a year, focuses on a particular member state of the eu, and is organised in cooperation with the national central bank of the featured country. the programme provides a broad - ranging look at the cultural scene in the country and usually includes readings, concerts, films, theatre and dance performances, lectures and exhibitions. the events are mostly held outside the ecb and in cooperation with cultural institutions in frankfurt – such as the alte oper, the literaturhaus, the deutsches filmmuseum or the mouson - turm. in the last six years we have presented 198 events and 158 artists and ensembles, from promising newcomers and talented young artists, such as the polish pianist joanna marcinkowska, to international greats such the nobel prize - winning hungarian author imre kertesz or the polish composer krzysztof penderecki, who have helped to shape the cultural legacy of the twentieth century. our present art and cultural activities offer many examples of the unity in diversity that makes up europe ’ s cultural identity. let me give you only three examples of contemporary artists who illustrate very well the dense fabric of trans - frontier admiration and influence : our collection includes two works by the austrian painter hubert scheibl, one of the bestknown representatives of the new abstraction of the 1990s. his works allude to