david clementi : the city and the euro : innovation and excellence speech by mr david clementi, deputy governor of the bank of england, at the city seminar on'london into the 21st century'at the palace hotel, tokyo on 13 february 2001. * * * introduction the city of london is, and always has been, a centre of innovation and excellence. i want to talk to you today about the city's role in the euro markets as an example of how london proposes to maintain its standing and reputation for innovation and excellence in the 21st century. for me, it is a great pleasure to be able to talk to you about this here in tokyo. there are historic links between tokyo and the city of london, and i am glad that these links are continuing to flourish. we welcome the fact that so many important japanese financial institutions are represented in london ; and, of course, that uk - based financial institutions have operations here in tokyo. it is not surprising that there are such strong links between tokyo and the city of london, because london is one of the three global financial centres, alongside tokyo itself and new york. tokyo and new york are global centres because of their large domestic markets. unlike tokyo and new york, london's primary focus is international. london is much the largest international financial centre in europe. historically, london developed as a financial centre because of the international role of the pound sterling. but nowadays, london's role depends mainly on making markets and providing financial services in foreign currencies, like the dollar. that means that london continues to thrive only by remaining internationally competitive. and i should add that we in the bank of england take a close interest in this. maintaining the stability of the financial system and the effectiveness of the uk's financial services are key objectives for us. the city is a centre of innovation and excellence london is internationally competitive, because it acts as a centre of innovation and excellence, in a whole range of complementary ways. • london has a vast, critical mass of markets and financial services in commercial and investment banking, securities and derivatives, fund management, insurance and commodities. • london has a long track record of innovation, and a ready availability of financial skills and professional support services in law, accountancy, tax, property and communications. more than 300, 000 • people work in financial services in london, and nearly a further 600, 000 work in the supporting professions and services. • london is at the forefront of technology, with an effective

mark carney : winning the economic marathon speech by mr mark carney, governor of the bank of england and chairman of the financial stability board, at the commonwealth games business conference, glasgow, 23 july 2014. * * * accompanying charts can be found at the end of the speech. it is a pleasure to be in glasgow for the opening of the 20th commonwealth games. for the athletes, the games represent the culmination of years of training. for fans they are a chance to witness great sporting achievements. i remember attending the 1978 games in my hometown of edmonton and being mesmerised by one of its stars : scotland ’ s allan wells. at just 26, wells burst onto the scene, winning silver in the 100 metres, beating the reigning olympic champion in the process. he spurred scotland to gold in the 4x100 metres, won the 200 metres outright and set the stage to become the fastest man in the world two years later at the olympics. the uk economy has also had some sprint success of late and is the current holder of the “ fastest growing advanced economy in the world ” title. that is welcome after some difficult years, but what really matters is what comes next. the bigger prize is winning the economic marathon by achieving a durable expansion. we must replicate the sprint success of wells over longer distances, taking our lead from scotland ’ s liz mccolgan, who memorably won gold in the 10, 000 metres last time the games were held in scotland, before going on to win the new york, tokyo and london marathons. to understand how we – and by “ we ” i mean the uk, the commonwealth and the world – can win the economic marathon, i want to draw on three less athletic, but nevertheless great, scots, each of whom points us to an essential ingredient of economic success : the right policy framework ; an open trading system ; and fair and effective financial markets. in all these respects, the uk is leading the way. the right policy framework the uk ’ s current policy framework has its origins in the work of william paterson of skipmyre, dumfriesshire. more than three centuries ago paterson proposed the establishment of the bank of england to “ promote the publick good and benefit of our people … ” 1 at that time the public good meant financing a war with france. over the ensuing centuries, as objectives evolved, paterson ’ s bank would have many guises including government banker, lender of last resort, bank supervisor