clarifying the operational cooperation protocols, in a series of central bank fields. this memorandum elevates the relations between our two countries to a new dimension. it confirms the will to elevate the level of cooperation and consolidate the ties between the two countries, providing for both institutions the necessary space for the intensification of mutual exchange of information and expertise in various fields of central banking, such as : supervision, financial stability, research, and financial education, and the regular dialogue at technical and political level. it is an important step for obtaining maximum benefits from the positive effects of integration and minimising the negative ones. 2 / 3 bis central bankers'speeches lastly, i would like to underline that the bank of albania will make maximum efforts for the cooperation in the framework of this agreement to be concrete and have a direct impact. concluding, on behalf of the bank of albania, allow me to thank once again the central bank of the republic of turkey for the continuous fruitful cooperation ; i would also like to thank, in particular, governor cetinkaya, who has honoured us today with his presence at the ceremony of signing the common memorandum. thank you! 3 / 3 bis central bankers'speeches

mario bergara : financial stability nets – complementing and reinforcing micro and macro perspectives speech by mr mario bergara, governor of the central bank of uruguay, at the opening of the 9th meeting of the iadi latin america regional committee ( larc ), punta del este, 21 march 2012. * * * the speech is based on an article prepared by messrs mario bergara, gerardo licandro and jorge ponce for the conference “ macroprudential policies to achieve financial stability ”, hosted by the central bank of uruguay and the international monetary fund, punta del este, 29 february – 2 march 2012. the views expressed herein are those of the authors and do not necessarily represent the view of the banco central del uruguay. 1. lessons from the crisis : what is new? the aftermath of the 2008 global financial crisis witnessed a surge on the discussion of financial stability issues. in some countries the focus of the debate is on the role of the shadow financial system, its relationship with banks, and the regulatory and supervisory failure to address the problem of regulatory arbitrage. in europe, the main concerns lies on the lack of a european safety net, mainly due to the absence of a european lender of last resort. in emerging countries, however, the discussion is centered around the impact of the crisis on the volatility of capital flows and the architecture of the international financial system. though some of the phenomena underlying the origins and depth of the financial crisis were either new or located in new instruments and markets, most of the issues that were raised during this episode can be traced back to the first financial crisis of the world. in the following lines, we develop the argument that even though financial stability concerns are as old as financial systems, and despite some of the main lessons of the recent crisis look pretty much alike the lessons of several financial episodes of the past ( to which many jurisdictions have already reacted ), there are good reasons to heighten our concern with financial stability. financial stability arises as a main concern, despite the fact that the concept is neither new, nor the main explanation for the collapse the world experienced in 2008. the crisis revealed the existence of regulatory failures at different levels, as well as problems in the design of the financial safety nets both at the national and international level. in what appears to be nearly a paradox, regulatory failure has remained in the background overshadowed by the concentration of policy making bodies in financial stability. financial stability concerns have had an impact on the management