Nominal imports in dollars have increased at an average annual rate of 34% since 2006. This is much higher than the 7.7% average growth observed since 1994. Nominal exports in dollars have soared as well, but less than imports. This means the current account deficit has risen every quarter since 2006.
A further perennial theme running through the conference is the long-standing debate on the relative merits and drawbacks of bank versus market financing of economic activity. This – finally – brings me closer to the subject of tonight's speech. Here, again, I have no answer to offer, except to say that I trust in the forces of competition, evolution and adaptation in the economy.