But for those benefits to be realised fully, markets need to be resilient to stresses. Further steps need to be taken to strengthen the resilience of segments of the non-bank financial system, including by developing a macroprudential lens in the regulation of non-banks.
Achieving that would require developing a regulatory approach that: Focuses on cohorts of the non-bank sector; Aims to limit vulnerabilities before shocks hit; Ensures that regulatory outcomes reflect the evolving risk environment; and, Crucially, is co-ordinated at a global level. Ultimately, that will better serve both investors and the broader economy. Thank you for your attention and I look forward to the panel discussion.