such analyses should be evidence rather than sentiment based, and focused on better rather than less regulation. the global financial crisis has also shown that international co - operation is key in developing effective regulatory policies. the global financial sector is closely integrated, and national or regional developments create external effects that directly and indirectly affect financial stability in other jurisdictions. 17 developing a common approach creates a level playing field between jurisdictions which prevents regulatory arbitrage. the post - crisis reform agenda, but also the creation of a single supervisory mechanism in europe are important examples of successful international cooperation after the crisis. 16 e. cerutti, s. claessens and l. laeven ( 2017 ) the use and effectiveness of macroprudential policies : new evidence. journal of financial stability. 17 for a discussion of how regulatory arbitrage results from the increasing international integration of banking systems, see o. jeanne and a. korinek ( 2014 ) macroprudential policy beyond banking regulation. financial stability review, banque de france, 18., empirical evidence on this type of regulatory arbitrage is reviewed in g. galati and r. moessner ( 2018 ) what do we know about the effectiveness of macroprudential policy. economica. unintended consequences the third question relates to unintended consequences of regulatory reforms. a main concern here is the potential of shifting risks outside the regulated sector as new rules come in. as charles goodhart forcefully argued, prudential policy faces a “ boundary problem ” : … effective regulation can penalize financial intermediaries within the regulated sector compared to those just outside, leading to substitution flows towards the unregulated. 18 for example, when it comes to what we now call non - bank financial intermediation ( formerly known as shadow banking ) the growth of total assets in recent years has been higher than in traditional banking. it is true that since the crisis, efforts by the g20 and the fsb have resulted in better insight into non - bank intermediation. yet there are still important questions about potential systemic risks originating from the unregulated sector and how these risks could interact with those emanating from the regulated sectors. 6. conclusion let me conclude. the global financial crisis was a sobering experience that presented an existential threat to financial stability. the potential disruptive effects to the financial sector and the economy at large called for exceptional measures. in those turbulent times, the monetary, regulatory and supervisory

to be flexible when it comes to the demands of those who have the ambition to combine a career with the care of a family. this conference is one way to create this visibility, for which i thank you. giving interviews on the subject is another and i promise that in the course of this year i will actively look for possibilities to get press coverage of my views on the subject. · my second point of action is to invite high potential women working at the nederlandsche bank for a discussion about the problems they encounter in their job fulfilment and career planning. if i want to promote opportunities for women in my organisation, i must have a clear picture of how they perceive the glass ceiling. i intend to discuss the outcome of these conversations with our management. i expect that from this exchange of information we will be able to draw lessons that may be translated in specific measures for improvement of the career possibilities for women. · for my third point of action i would like to draw upon that information. i intend to establish a ( moving ) target figure for the participation of women candidates in our management trainee programme. not all high potential women may be interested in a career to the top, for the reasons i mentioned earlier. but, depending on the number of women that are, i will establish a target rate of participation of women in our management development programme. moreover, when it comes to promotions i want every shortlist to contain as a rule at least one woman. sticking to these three personal points of action, or policy targets, is a question of commitment. being a central banker, i am well aware of the importance for my reputation of holding on to this commitment. but not only my reputation is at stake. promoting opportunities for women in the financial sector is very important, as we are responsible for bringing out the best in our human capital, male and female. i hope that this conference, and the other activities being organised for international women ’ s day, will contribute to more equal and fair representation in management in general and in the financial sector in particular.