For emerging markets, both these roles are powerful, and they put the financial sector at the center of any efforts to ensure economic and financial stability in the long run. The third observation is that the turmoil shows that the risk of systemic instability can be greater with financial globalization, and this raises an important question about the appropriate monetary policy framework for maintaining macroeconomic stability. For central banks, price stability remains the first and foremost objective of monetary policy. But in the context of today’s financial globalization when the source of systemic danger is clearly external, the idea that price stability in itself might not be enough to ensure macroeconomic stability is now gaining more acceptance. One approach to deal with this is to combine conventional monetary policy framework like inflation targeting with a macroprudential framework. The latter is aimed at addressing the risk to financial stability by  BIS Review 142/2008  1  implementing measures to counter excessive lending or the procyclical nature of the financial system. This is the approach that we have taken at the Bank of Thailand, and I will speak more on this later. So, the current turmoil is a reminder of things that can go wrong with financial globalization, and the three observations I cited point to the key challenge faced by policy makers in emerging markets. In this context and in relation to the financial sector, the challenge for policy is three-fold.
18.11.2020  Opening address of the conference “Consumers and the postCOVID mortgage market” ADICAE Margarita Delgado Deputy Governor  Good afternoon. I would like to thank ADICAE for kindly inviting me to address you on the opening of this conference on the post-COVID mortgage market. Allow me a minor comment regarding the conference title: I fear it is still too soon to talk about the mortgage market situation after COVID, although there is evidently no lack of will to do so. The latest science news on the progress of the different vaccines gives us hope that we may shortly look to the future without seeing the pandemic on the horizon. Let us trust this will be so. In any event, beyond the effects this health crisis may be having in the short term, housing affordability has been a very relevant subject in Spanish society for decades. Worldwide, we are one of the countries with the highest homeownership percentages, and the mortgage market has unquestionably been a decisive factor in making such housing affordability possible. This conference is directed at consumers, although if you will allow me the technical detail, national accounts treats house purchases as “investment”, not as consumption. This is clearly the case and, almost always, this is the most important investment that we “consumers” make in our lives. Given the importance and scale of this purchase, the authorities should watch over individuals’ interests.