The genius of Wren’s ceiling was its inspired interlocking beams, individually insufficient to span the Sheldonian’s diameter, but collectively arranged so that each could support another, perfectly balancing the forces of those pushing down with others pushing up, resting, ultimately, on the foundations Wren began in 1664. And this is the architecture of Europe: a single market whose participants are interlinked, relying on and complementing each other. Just as Wren’s wooden lattice supports Robert Streater’s art, this market network supports the creativity of Europe. Of course, the weight of the ceiling doesn’t disappear but rests on hidden foundations. So too does the single market rely on invisible supports, some of which are the responsibility of the Bank of England and European regulatory authorities. While these foundations have worked well thus far, they may in time need to be buttressed to realise the full creative potential of the peoples of the United Kingdom and Europe. BIS central bankers’ speeches  9  Charts Chart 1: UK trade is two-thirds of GDP  Chart 2: UK receives largest share of EU FDI(a)  Source: OECD  (a) EU-15 countries’ share of average annual FDI inflows into the EU: 1993 to latest. Source: UNCTAD. Chart 3: Global activity of UK financial system unmatched in the European Union…  Chart 4: … and UK financial system is very large relative to GDP(a)  Notes: Bars show share of global activity for cross-border lending, interest rate OTC derivatives and foreign exchange and share of global assets for all other categories.
Source: The Conference Board Total Economy Database. (a) Indicator based on responses to the following question in the World Economic Forum Executive Opinion Survey: “To what extent does FDI bring new technology into your country? (1 = not at all; 7 = to a great extent – FDI is a key source of new technology)”. Source: WEF Global Competitiveness Report 2014. 12  BIS central bankers’ speeches