Consider rule setting and reporting. At over 638,000 words, the PRA Rule Book is longer than War and Peace. It is also somewhat less interesting and infinitely more complex. We are currently using advanced analytics to understand the complexity and interconnectedness of the PRA rulebook, to identify ways to simplify our rules, and to make compliance with them easier for firms. And to explore ways to make reporting more efficient and effective, we are running a Digital Regulatory Reporting pilot, with the FCA, on machine readable reporting requirements that firms’ systems could interpret and ultimately automate regulatory data collection. These initiatives are goods in and of themselves, but they also create the potential to unlock the power of AI in order to improve the quality of our supervision. Conclusion  When Keynes marvelled at new possibilities, a decade of wealth creation would follow, but its gains gave rise to imbalances in incomes and in trade. When combined with the Economic Consequences of the Peace, disaster ensued. Today, new technologies, the new economy and the new finance have the potential to unlock more sustainable and inclusive growth. Consumers can have greater choice and better-targeted services; small and medium sized businesses can access new credit to grow; banks themselves can become more productive, and the financial system overall can become more resilient. Most fundamentally, unlike in Keynes’ time, the gains from new technologies will not be limited to men or captured by denizens of the City. 6  Proudman, J (2018) Cyborg Supervision. Available https://www.bankofengland.co.uk/speech/2018/james-proudman-cyborgsupervision.
A Platform for Innovation Speech given by Mark Carney, Governor Bank of England  Remarks at Innovate Finance Global Summit, London Monday 29 April 2019  I am grateful to Eleanor Connolly and Jen Nemeth for their assistance in preparing these and to John Jackson, Richard Lewis, Tom Mutton and Oliver Thew for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Introduction A century ago, John Maynard Keynes resigned as a delegate to the Paris Peace Conference over his concerns about the scale of reparations in what would become the Treaty of Versailles. He returned home to write The Economic Consequences of the Peace. In that seminal work, Keynes marvelled that before the war: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth… [or] adventure his wealth in the natural resources and new enterprises of any quarter of the world that fancy or information might recommend.” Such global trade and portfolio management were made possible by new technologies ranging from the telegraph to the first transatlantic cable. Replace “telephone” with “tablet” and “tea” with “turmeric latte” and you have not the start of the Twentieth Century but of the Twenty First. The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging driven by immense changes in technology, the reordering of global economic power, and the growing pressures of climate change.