What is the next frontier for diversity and how is it to be reached? From a potentially long list, let me make four points on possible next steps. First, we have barely scratched the surface when it comes to harvesting the fruits of existing diversity initiatives, focussed on the protected characteristics of gender, ethnicity and disability. On gender, where progress has perhaps been fastest and furthest, there are still gaps to fill all the way up the executive chain, especially in financial services, with a persistent pay gap of 20-30% and low levels of representation at executive level. On ethnicity, as John Parker’s report last week made clear, we are scarcely out of the  7  For further details please see Haldane (2014) ‘Central bank psychology’. 4  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  4  starting blocks. And on disability, physical and mental, much the same could be said. Whatever else we do, we must not let up in continuing to make progress along these dimensions of diversity. Second, notwithstanding that, I do think we need to do a much better job of understanding and measuring the more subtle, cognitive and socio-economic dimensions of diversity. They are harder to identify and measure, as the information exists between our ears rather than on our faces. But that is precisely why unconscious biases may be largest and most in need of redress.
We need to ensure broad support for the reform agenda especially since there might be some short-term costs of certain reforms. However, according to the EBRD data not only is the difference in the percentage of people who support market economy approximately twice lower in our region than in Germany, but it has actually declined in the last ten years, diverged, and the same applies to the support of democracy as a political system. This is where policy transparency and communication will play a tremendously important role. And clearly, not everything we do will always get full support from the broad public, especially in the case of 8  structural reforms with long-term gains and short-term costs, but boldness is often rewarded beyond our expectations. Thank you. 9