Concluding remarks I remain confident that the new macroprudential architecture will contribute to a more stable financial system that will permit maximizing the benefits of capital flows. Let me finish with a pragmatic quotation from Goethe: “Knowing is not enough; we must apply.
Willing is not enough; we must do.” I believe we are applying what we learnt; I also believe we are establishing a new foundation for safeguarding financial stability. However, it should be noted though, that the views on the new micro-prudential regulation framework are still diverging. Questions are still under discussion especially in view of global standards applied to heterogeneous financial systems.