federal reserve system, 2016 ; and gauti b. eggertsson, neil r. mehrotra, and jacon a. robbins, a model of secular stagnation : theory and quantitative evaluation, national bureau of economic research, working paper 23093, 2017. 6 shigeaki fujiwara, yuto iwasaki, ichiro muto, kenji nishizaki, and nao sudo fujiwara, developments in the natural rate of interest in japan, bank of japan review, october 2016 ; kathryn holston, thomas laubach, and john c. williams, measure the natural rate of interest : international trends and determinants, journal of international economics, volume 108, supp. 1, pp. s59 - s75. ( 2016 ). 7 thomas m. mertens and john c. williams, tying down the anchor : monetary policy rules and the lower bound on interest rates, federal reserve bank of san francisco, working paper series, may 2019. 8 richard h. clarida, vice chair of the board of governors of the federal reserve system, the federal reserve ’ s 3 / 4 bis central bankers'speeches review of its monetary policy strategy, tools and communications practices, speech delivered at the federal reserve bank of minneapolis, april 9, 2019. 4 / 4 bis central bankers'speeches

benefitting from advances that others have made. the benefits of international cooperation are very clear when it comes to the dissemination of technology. they similarly apply to less tangible areas like monetary and financial stability : estonia has taught us the benefits of importing institutional credibility and knowledge. on this note, let me finish by pointing to three very concrete areas where we can further advance our cooperation in the eurosystem : share knowledge and experience : achievements of the past are easily forgotten. analytical work conducted in isolation can lead to relevant facts being ignored. hence, we need tools and fora to share information. understanding the reality that surrounds us requires sharing modelling approaches, and it requires quick and easy access to data. sharing information in the eurosystem and beyond is thus of the essence. for example, the integrated reporting framework ( iref ) is part of the broader escb ( european system of central banks ) integrated reporting strategy. [ 53 ] it will facilitate consistent and standardised reporting across borders, benefiting producers and users of banking statistics. promote the common market : financial sector issues are complex and do not readily lend themselves to public policy discussions. yet, a well - functioning and stable financial system is important to successfully manage transition processes. we thus need an informed dialogue within society and at the european level on the benefits of financial stability and the necessary policies, including further steps towards the capital market union and completing the banking union. enhance resilience : vulnerabilities in the financial system often reflect country - specific preferences and institutions. therefore, safeguarding financial stability is primarily a national responsibility. [ 54 ] at the same time, european financial systems are highly connected. shocks that hit one country can propagate across borders. therefore, national financial sector policies need to take adverse impacts on other countries into account. strong supranational institutions like the european systemic risk board ( esrb ( europaische ausschuss fur systemrisiken ) ) are vital for analysing and discussing the implications of interconnectedness for the resilience of the financial system and policy action. [ 55 ] the estonian experience clearly shows the benefits of financial integration and the role of foreign financial institutions as shock absorbers. but it also underlines the importance of supervisory coordination and cooperation. all this is important to ensure financial stability in europe. estonia ’ s story teaches us that successful transformation requires a stable financial system. we can draw on this experience to manage structural change in the real economy and the financial system.