see keynes [ 1936 ] keynes, john maynard, the general theory of employment, interest and money, 1936. 4. see friedman tl ( 1999 ) the lexus and the olive tree : understanding globalization and ferguson n ( 2008 ) the ascent of money : a financial history of the world. penguin, new york in ippoliti, e. introduction : philosophy for finance. topoi 40, 707 – 713 5. see de bruin, boudewijn, lisa herzog, martin o ’ neill, and joakim sandberg, " philosophy of money and finance ", the stanford encyclopedia of philosophy ( winter 2020 edition ), edward n. zalta ( ed. ) 6. see part ii of the central bank act 1942 and also article 45 of the constitution of ireland 7. see brunnermeier, m., crockett, a., goodhart, c. a., persaud, a. and shin, h. s., 2009. the fundamental principles of financial regulation ( vol. 11 ). geneva : icmb, internat. center for monetary and banking studies. 8. see douglas w. diamond and philip h. dybvig, ‘ bank runs, deposit insurance, and liquidity ’ journal of political economy, 1983, vol. 91, no. 3 9. see krugman, paul ‘ the simple economics of panic : the 2022 nobel prize in perspective ’, voxeu column 10. see ‘ taking our second chance to make mmfs more resilient - speech by andrew bailey, at the isda 35th annual general meeting, 12 may 11. see bank of england discussion paper, ‘ the role of macroprudential policy ’, november 2009 12. ibid 13. see https : / / ec. europa. eu / economy _ finance / publications / pages / publication14527 _ en. pdf 14. see eurostat and updated statistics 15. see https : / / finance. ec. europa. eu / regulation - and - supervision / regulatory - process - financial - services _ en 16. based on data from 2018 17. braithwaite 2017 – responsive excellence 18. see van der heijden 2019 - regulatory philosophy, theory and practice 19. see https : / / www. ft. com / content 20. on liberty ©2022 central bank of ireland

authorisations process for firms – in particular more transparency and clearer expectations. we have recently closed our innovation consultation, including proposals for a sandbox, and the team are working through the response received. we expect to publish our feedback statement in may. we have improved our f & p system, delivering benefits and efficiencies for both industry and the bank – reducing the processing time for individual questionnaires ( iqs ) from 36 to 24 calendar days, in part through facilitating improved applications ( with a 50 % reduction in those returning incomplete ). we also plan to publish an authorisation and gatekeeping report in 2 / 3 bis - central bankers'speeches the coming months setting out publically our priorities and expectations and how we are evolving our approach. we are taking a more integrated view of risks and priorities, with the external version of that work the regulatory and supervisory outlook we published last month. in addition to these, as i said we are involved in a transformative piece of work around enhancing our supervisory framework – such that it becomes more data - driven, agile and scalable. this involves improving the tools and technologies supervisors have, and it involves delivering a more integrated approach to supervision – both of which we expect to deliver real progress on this year. with a busy agenda ahead, i will leave it at that. i look forward to today's discussion and will hand over to peter to introduce the first topic. 3 / 3 bis - central bankers'speeches