the ai public - private forum is committed to being transparent and will publish summary reports of all forum and workshop discussions. it will also aim to deliver a final report of its findings and conclusions. however, the outputs of the forum should not be considered as an indication of future policy by the bank or the fca. by being as open and transparent in our approach as possible, and by sharing the information of the forum publically with all its stakeholders, including other regulators, we hope to further the collective dialogue on how best to support safe adoption of ai in financial services. finally, i would like to welcome the members of the forum and its observers, and thank them in advance for committing to and participating in this exciting and important project. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice

. " stability is a necessary condition for sustainable growth " has become the universal central - banking credo - though that doesn't necessarily make it any easier to achieve! this emphasis on macro - economic stability - and sustainability - has served to focus attention increasingly on the supply - side of our economies - on structural reform and supply - side flexibility - as the key to raising the underlying rate of growth which our economies can maintain. and that is the second general trend i'd like to touch upon. it has meant increasing reliance upon free markets - again both nationally and internationally - to allocate productive resources to where they can most effectively contribute to meeting demand. the collapse of communism is a dramatic example, but the promotion of free trade through the wto and of the free movement of capital through the imf, or the spread of privatisation and deregulation all around the world, not least in financial markets, can all be seen as aspects of essentially the same thing. this emphasis on free markets cannot mean " anything goes ". public policy concerns, of course, remain ; and we need to have rules to ensure that competition is fair as well as free. but it does mean less centralised, bureaucratic, intervention telling people what they may or may not do, leaving them much greater freedom to do what they choose provided they meet the necessary nationally or internationally agreed standards. the resulting intensification of competition can, of course, be uncomfortable for existing producers - and can lead to protectionist pressures at the micro - economic or even the national level - so we still have a long way to go. but it is increasingly accepted as the best means we have raising the sustainable rate of growth - and employment - and living standards - at the macro - economic, and international, level. these trends together have resulted in substantial economic progress in most of the developed economies. but - and this is the third theme i would draw attention to this morning - there was growing recognition of the fact that not all countries were equally well - placed to share in the potential benefits of free markets within a stable macro - economic framework, and of the need - as a matter of self - interest and not just social responsibility - to help draw other countries in to the global economy. emerging markets and transition economies have increasingly gained access to international capital markets. and there is an increasing emphasis on the need to help the poorest countries that are seeking to help themselves to participate. this last concern will be on the agenda