Despite different stages of development of both countries, the discussion at the workshop has shown a broad consensus on the importance of price stability as the primary objective of monetary policy, that fiscal stability is not only a prerequisite for a balanced and sustained economic growth but also for national and global financial stability and that a sound and a stable banking system is the first line of defense against financial crisis.
But the discussion has also highlighted and underlined important challenges ahead. I will briefly go through some of these challenges and structure my further remarks by the main surprises during the financial crisis:   The dynamic of contagions and market dynamics,    the spillovers into the real economy and    the vulnerability of countries.