I plan to give some of my perspectives on the importance of diversity, both in general and in economics, but given I am at the Irish Economic Association Annual Conference, first I am also going to take the opportunity to discuss the Irish economy.
If a number on that scale is hard to put into context, a more telling figure is perhaps that the NBFI sector increased its relative share of total global financial assets to 49% in 2021, compared with 42% in 2008. Almost half of all global financial assets are now being intermediated by non-banks.