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

peter praet : european financial integration in times of crisis speech by mr peter praet, member of the executive board of the european central bank, at the annual general meeting and conference 2012 of the international capital market association ( icma ), milan, 25 may 2012. * * * i would like to thank ignazio angeloni and steoffphanie stolz for their contribution to the preparation of this speech. it is my pleasure to be here today at the annual icma general meeting. in the last 40 years, ever since european capital markets acquired a global importance, the international capital markets association has played an important role in promoting contact, information exchanges and initiatives among issuers, managers, dealers and investors active in international financial markets. a central goal of icma is to foster the openness and competitiveness of financial markets, globally and in europe. this is an objective that the ecb wholeheartedly shares. in times of crisis, more than ever, we need effective action, so that we can achieve this goal. the topic of my talk today is financial integration in europe : its meaning, its importance, recent developments, and – not least – why the ecb cares about it, and what the ecb does to preserve it. well - developed capital markets are important – as we all know – because they channel funds from savers to investors, promote the efficient use of resources and create more opportunities for individuals and firms, ultimately leading to higher growth. but this is not yet sufficient in a multi - country setting. a united europe, especially one that has decided to have a single currency, needs united financial markets as well. financial integration – that is the cohesion of financial markets and their ability to operate as a single entity – enhances these benefits and gives them a cross - country dimension. not surprisingly, a single market for capital and financial services has been a central goal of the european union for decades. many policy initiatives have paved the way to greater financial integration, the most ground - breaking of which being, without a doubt, the introduction of the euro. this progress towards financial integration was interrupted and reversed by the global financial crisis and, more recently and dramatically, by the european sovereign debt crisis. i will first talk about why integrated financial markets are important, for europe in general and for the conduct of the single monetary policy of the ecb in particular. i will then explain the role the ecb plays in this area. next i will focus