*  *  *  I am very pleased to welcome you to the Bank of Greece for this conference, co-sponsored by the Bank of Greece and the University of Oxford through the latter’s program on South East European Studies.
The intellectual challenge is to build a better understanding of the forces driving capital flows, what type of policy instruments, including capital controls, work and in what situations. The practical challenge is the need to reach a shared understanding on an organizing framework for cross border spillovers of domestic policies in capital-originating countries, and the gamut of policy responses by capital receiving countries. 9.