Mark Carney vows to reinvent Bank of England for 'fourth industrial revolution'

Bank of England Governor Mark Carney speaks at a press conference
at the Bank of England in London, Britain February 25, 2019.
Kirsty O'Connor/Pool via REUTERS

Bank of England governor Mark Carney promised on Monday to reinvent the central bank to make it fit for the “new economy” of the “Fourth Industrial Revolution.”

The governor said the central bank was opening up its payments infrastructure to fintech startups, making climate change a key priority, and embracing artificial intelligence to help the Bank adapt to changes in technology and the global economy.

“The second great wave of globalisation is cresting,” Carney said during a speech at the Innovate Finance Global Summit. “The Fourth Industrial Revolution is just beginning. And a new economy is emerging.

“That new economy requires a new finance. A new finance to serve the digital economy, a new finance to support the major transitions underway across the globe, and a new finance to increase the financial sector’s resilience.”

By Oscar Williams-Grut.

Full story at Yahoo News.