economies ’ share of global activity has risen from 40 % to 60 % and their share of global trade from one fifth to one third. yet at present, their financial assets make up only 10 % of the global financial system. this will quickly change. as emerging market economies continue to open up, their share of global financial assets could treble to around a third by 2030. maintaining the uk ’ s share of cross - border capital flows during this process could plausibly increase the balance sheet of our financial sector we host from the current 10 to 15 times gdp by 2030. this will significantly boost uk prosperity – provided the associated risks of such an open system are managed responsibly. responsible openness rests on three pillars. the first is strong global standards. the uk has been at the forefront of g20 reforms to create a global financial system that is safer, simpler and fairer. implementation is now being regularly assessed and transparently reported by the fsb and the imf. this second pillar is deep supervisory cooperation. to manage cross - border challenges to financial stability, international authorities must share relevant information and work together. as the home to four, and host to the other 26, globally systemically important banks, the bank of england participates actively in all major supervisory colleges, sharing information and expertise gained from overseeing the multitude of complex risks unique to london. we expect the same from those whose firms operate and take on large risks here. the pra ’ s open, cooperative approach to supervision means wholesale activity in london can remain globally - integrated and highly efficient, without compromising resilience. the third pillar of responsible openness is ending ” too big to fail ”. with enhanced resolution powers and planning, the bank of england now has the ability to resolve failing banks. the uk ’ s major banks are on track to complete this year the ring - fencing of their critical domestic high - street businesses from their riskier wholesale activities. and they already hold loss absorbing resources of 25 % of their risk - weighted assets against a 2022 requirement of 29 %. as a consequence of this progress, market discipline is returning, with the public subsidy enjoyed by the largest banks having fallen by 90 %. now is the time to reap the benefits of these enormous efforts. platforms are being created for deference to each other ’ s approaches when they achieve similar outcomes. with the three pillars in place, an open, resilient global financial system is possible. see the bank of england

economic dynamics. although they are likely to play out over a period that is longer than the bank ’ s typical policy horizon, these trends will have profound implications for central banks. they include changing demography, increasing longevity, inequality, climate change, the increasing importance of emerging economies and the development of digital currencies. by affecting a range of phenomena – from the evolution of real interest rates to risks to the financial sector to the future of money and banking itself – all of these trends have the potential to re - shape our policy challenges. we need research to set us on the front foot to face them. bis central bankers ’ speeches competitions before concluding, to catalyse interest in the one bank research agenda, i am delighted to announce that today the bank of england is launching two competitions. the first is on data visualisation. to coincide with the release of the new bank data sets, we want to see what novel insights they can yield. the visualisation could be a static description of an interesting pattern or relationship in the data or the creation of an interactive app. entrants are free to focus on whatever they like, as long as it employs some of the newly available data in some way. the second competition is for the best research paper – the “ one bank research ” competition. we are particularly keen to engage early career researchers across the academic world. for our inaugural competition, the paper should be on some aspect of “ the interaction between microprudential, macroprudential, and / or monetary policy ”. the winners of each competition will be decided by separate judging panels of bank staff and external academics. the prize for both competitions will be £5, 000. further details on how to apply are now live on our website. conclusion economies are complex, dynamic and constantly evolving systems, underpinned by social interactions and behavioural change ; shaped by fundamental forces like technology and globalisation ; and supported – or at times disrupted – by finance. policymakers need research to help understand these phenomena and to craft our responses to them. and research can make some of its most effective contributions by addressing the priorities of policymakers. by focussing on a clear set of research priorities, by opening up our datasets, and by creating tighter links between policymakers and researchers, both within the bank and across the broader research community, we can all help advance the bank ’ s mission – promoting the good of the people of the united kingdom. thank you. bis central bankers ’ speeches