two days have stressed the necessity of prudential supervision of the banking system in the face of a credit boom. even though financial deepening and capital inflows bring about long - term benefits that can hardly be overstated, in the short to medium run they can lead to imbalances and distortions that pose a threat to the macroeconomic stability of a country. we have recently seen how badly lax lending and improper credit risk management can end in developed countries. in the case of converging economies, which are generally more financially vulnerable than fully - fledged market economies, it is all the more important to closely monitor risks to the financial system, enhance cooperation between financial institutions and supervisory authorities, and impose prudential constraints on lending. * the ideas that i have summarized so far were expressed in the papers prepared and presented by economists from academia, central banks, and international financial institutions. we have also heard important voices of top commercial bank executives and central bank governors during the panel that has just ended. household credit, and mortgages in particular, will remain an important source of revenues and profits for commercial banks. at the same time central bankers and banking sector supervisors will likely watch credit developments very closely to make sure that best lending practices are in place. in closing, i would again like to thank you all for attending the conference. i would like to thank the organizing committee and the nbp staff for their excellent work. i hope to meet you again at another conference organized by the national bank of poland. thank you.

economy is high in most of the rankings concerning the investment or offshoring 4 attractiveness, whereas our chief advantages include a favourable location, a large market, and well - qualified and relatively cheap workforce. therefore, owing to the process of globalization of manufacturing and services, poland may stand a chance of rapid growth, provided that our chief shortcomings, including the poor advancement in e - economy and e - administration, are remedied. we cannot afford inertia for other countries are quickly building modern e - economy. a. blinder “ fear of offshoring ”, ceps working paper no. 119, december 2005. this and many other examples are available in “ the word is flat, a brief history of the twenty - first century ” by thomas friedman published in 2005. b. van ark “ europe ’ s productivity gap : catching up or getting stuck?, ” the article prepared for the international symposium on productivity, competitiveness and globalisation, banque de france, paris, november 4, 2005 ; r. mcguckin, m. spiegelman, b. van ark : the retail revolution - can europe match u. s. productivity performance?, ” the conference board, march 2005 ; and “ deepening the lisbon agenda, studies on productivity, services, technologies, ” the report prepared by the federal ministry of labour and economy of austria, published in january 2006. for instance, the report by a. t. kearney ’ s consulting company “ offshore location attractiveness index, making offshore decisions ” published in 2004. three categories of indices were evaluated : the financial structure ( labour, infrastructure, tax and regulation costs ) with a weight of 40 %, the skills and availability of employees ( cumulated experience in business activities, ability to easily employ the staff, command of foreign languages and qualifications, social indices, e. g. the rate of unemployment ) with a weight of 30 %, business environment ( state ’ s conditions, infrastructure, ability to adapt to differed cultures and the protection of intellectual property ) with a weight of 30 %. in the new global economy, the public sector must be active and innovative, and it must support its citizens and business community. by way of illustration, the national bank of poland, as part of its statutory tasks and in cooperation with its partners in the financial sector, has created a modern payment infrastructure for large - amount ( the sorbnet system operated by nbp ) and retail ( the elixi