to repair bank´s balance - sheets, recover the impaired credit channel and consolidate the on - going mild economic recovery. in my remaining remarks, i will discuss some implications for the financial system ’ s future and for the role of macro - banking union and the future of banking, speech by vitor constancio, vice - president of the ecb, at the iiea conference on “ the future of banking in europe ”, dublin, 2 december 2013 ; towards the banking union, speech by vitor constancio, vice - president of the ecb, at the 2nd fin - fsa conference on eu regulation and supervision “ banking and supervision under transformation ” organised by the financial supervisory authority, helsinki, 12 february 2013 ; towards a european banking union, speech by vitor constancio, vice - president of the ecb, lecture held at the start of the academic year of the duisenberg school of finance, amsterdam, 7 september 2012 ( ecb website ). see “ the european crisis and the role of the financial system ”, speech by vitor constancio, vicepresident of the ecb, at the bank of greece conference on “ the crisis in the euro area ” athens, 23 may 2013 ( ecb website ). see williamson, j., “ comment ”, in bergsten, f. ( ed ), international adjustment and financing : the lessons of 1985 – 1991, institute for international economics, 1991, p. 243. bis central bankers ’ speeches prudential policies. i will conclude with a few words about what else is needed to complete the repairing of our monetary union. 1. the sovereign - banks ’ feed - back loop as you may remember, the whole idea of launching a single european supervisor was born in the june 2012 summit as a consequence of the decision to prepare direct european recapitalisation of weak banks. the acute situation of liquidity shortage in late 2011 that led us at the ecb to conduct two long - term refinancing operations ( ltros ) with a maturity of three years, and the continuing sovereign debt crisis convinced member states to frontally address the bank - sovereign link, notably by promising the possibility of european capital injections that would not overburden the already indebted sovereigns. this naturally required that supervision would have also to be transferred to the european level and the embryo of banking union saw the light of day. later, the van rompuy report elaborated the concept by adding

i have had the chance to converse with officials of their regulatory authorities. some lusophone countries in africa have experienced unstable political scenarios for quite some time. they are however endowed with the essential factors for development. the domestic officials are eager to improve the well being of their people. the responsible persons of the financial regulatory authorities are especially displaying such fervour. they realize their burdens and missions. i have been highly impressed by their ardent attitude in learning from the experience of other organizations. in the new millennium, all nations have been making use of the relatively stable political environment to formulate economic development policies. the end results may be different due to their indigenous conditions. however, we have witnessed that many people have been lifted from the abyss of poverty, while some have become quite well off. in the process, the financial industry has been wholeheartedly providing support and deployment to nurture stable economic development. the objective of improving economic situation is to satisfy the demand of the general public. financial development serves the economy, while economic development satisfies the demand of the general public. the establishment of a platform for the financial development contemplated by the msar government is meant to jump start the local economy, promote appropriate industrial diversification to ensure sustainable development of the economy. through the structuring of a financial services platform, economy and trade can progress steadily which will create a stable, secure and healthy market economy. our delegates come from public and financial sectors of portuguese speaking countries in 4 continents. we may not share the same background historically and socially, but we share the same language system and we adopt similar legal system. we can share our experience in the course of our different developments. we communicate, attempt to converge our views but retain our inclusiveness with a view to realizing closer cooperation. our conference today denotes that we basically share the idea of a common topic, around which we positively and proactively offer our opinions and proposals. we have taken a major step forward by offering a candid attitude to promote and realize a common objective. before i conclude, please allow me again to propose a vote of thanks to guests and delegates who have come a long way from home to attend this conference hosted by amcm. simultaneously, i would like to express our warmest gratitude to the delegates for their candid and frank opinions. on the other hand, there may be deficiencies in organizing this event due to various constraints. in this respect, your opinions and tolerance are most appreciated. i would like