In my remarks, I would like to address two issues: First, I will highlight the interacting links between financial stability, on the one hand, and financial integration and development, on the other. And I will provide an overview of the effects of the crisis on financial integration and development, as well as of the role of the latter in the emergence of systemic risks.
I will consider the processes of financial development and integration together, because, although conceptually they are distinct, they are related in practice and they have interacting links to financial stability.