The higher is the trust in the institutions, the easier it is done. And institutions themselves build credibility in the times of crisis. The second lesson is adaptability. Although resilience and adaptability are linked, they are different in important ways. Resilience entails enduring a challenge, while adaptability refers to the ability to thrive beyond it. In the EU, progress on this front is evident. We have been moving from reactive policies to strategic decision-making. The recent crises brought about some tectonic institutional enhancements: the early months of the pandemic led to the establishment of the EU recovery fund, which constituted a breakthrough for the financial solidarity of member states. The Next Generation EU package provided an anchor for investment in the  2/4  BIS - Central bankers' speeches  green and digital transitions in a way that will support resilience and adaptability in the long term. Finally, the REPowerEU Plan aims to end dependence on Russian fossil fuels, but also entails measures for energy savings, new energy storage rules, and a strategy to buy energy together. That being said, adaptability is difficult to nurture, as we often tend to stick to existing patterns of behaviour and decision-making, especially when there is no imminent crisis that would push changes and force us to think outside the box. The last lesson that I'd like to mention (though you can derive more) is cooperation.
Literally, by rightly recognizing shipbuilding as their strategic industry and subsidizing it for centuries, they became one of the most prominent shipbuilders of their time. And metaphorically, they were indeed navigating well their economic development and maintained their independence amidst limited natural resources and practically no military power, and surrounded by hostilities from all sides (the Ottomans, Venice). They achieved that through resilience, adaptability and cooperation. In medieval Europe trade interruptions were frequent so the government of Dubrovnik tried to contain risks from food shortages by maintaining large reserves of grain and other commodities. Furthermore, they were the global frontrunners in implementing disease prevention measures, including setting up the world's first quarantine station, which was located right on the site of our concert last night. Finally, they realized that wise government policies in the field of public education, health and social welfare were instrumental in preventing social unrest in the context of frequent external shocks. At the same time, historical evidence suggests that Ragusa practiced a very prudent policy with respect to  3/4  BIS - Central bankers' speeches  state finances, minting of currency, and market-encouraging regulations. As for cooperation, despite hostile surroundings, Dubrovnik's military expenditures were minimal, as they instead were focusing on diplomatic efforts and negotiating skills. A historian Berkovi documented that "Dubrovnik entered into numerous international political and trade relations [and was] able to utilize [this] wisely and skilfully in the defense of [its] independence, sovereignty and economic growth".