Good evening and welcome to the third in our series of Scotland Office and David Hume Institute seminars.
Tonight we will turn our attention to the Financial Services sector.
It's a particularly appropriate time to do so - a year on from the banking crisis and the same week as Mervyn King's speech here in Edinburgh.
Financial services have contributed so much to Scottish prosperity over the centuries. From the foundation of the Bank of Scotland in 1695 and the birth of its great rival, the Royal Bank of Scotland, in 1727.
And in Life Assurance and Pensions, the founding of Scottish Widows in 1815 and Standard Life ten years later.
All renowned names, part of our financial heritage for centuries.
Financial services have played a major role in the growth of the Scottish economy over the past decade.
Growth which withstood the bursting of the dotcom bubble. Growth which surpassed that enjoyed across the wider UK financial services by a quarter.
It is well known that Scotland's two big banks have had serious difficulties over the past year. But I believe that this has to be viewed in a global context. The financial crisis was not Scotland-specific.
The tarnished reputation of one important area of the diverse financial services industry across the world, including here in Scotland, takes no account of the diversity found within the sector.
Despite the downturn Scotland remains an international financial centre. The sector still employs over 85,000 Scots.
Our financial services sector is diverse and extensive. Grounded on innovation and excellence, rich in experience and expertise.
In traditional areas of strength - such as fund management and servicing, and insurance - we remain a leading player.
We published a white paper on financial markets in July, what I would like to know tonight is where the government is getting it right or where we need to go further. In particular, in the areas of financial regulation, institutional governance, increasing the issue of capital and liquidity, and the ability of banks to separate risk areas.
I look forward to hearing the debate this evening.