RBA's Stevens on the future of finance

In this speech, Glenn Stevens, the governor of the Reserve Bank of Australia, argues that the global financial sector is likely focus less on "exotic innovation" in the future.

"Perhaps the finance sector globally will return to fulfilling something more like its historical role of being 'the handmaiden of industry', with a bit less in the way of exotic innovation of its own," Stevens argues.

He added that this could mean that finance is less important as a source of innovation that drives growth

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