At the Central Bank of Ireland, we are in a relatively unique position to consider these issues given the breadth of our mandate: we are the central bank, the financial stability authority and the securities regulator. This means that, when we think about markets, we take a holistic view on why they matter from a public policy perspective.
In that context, in my remarks today, I will focus on some of the structural changes in the financial system in recent years; what these mean for market functioning, especially in times of stress; and how strengthening resilience of non-bank finance can contribute to better functioning markets. Ultimately, more resilient markets entail benefits both for investors and the broader economy.