one of the most important of these is your achievement. use it wisely : even to confront the evils of modern society. as the greek poet constantine cavafy wrote, in his poem ithaka ; which treats of the ancient evils of the laistrygonians and cyclops, angry poseidon too : – … don ’ t be afraid of them : you ’ ll never find things like that on your way as long as you keep your thoughts raised high, as long as a rare excitement stirs your spirit and your body. 4. conclusion one clown is alleged one day to have said to another : “ considering the cost of tuition, clothing and books, a person today, more than ever, has to be careful, very careful in his / her selection of parents! ”. viewed from the perspective of parents, however, isn ’ t it true that you age by about 20 years per child – between his / her 18th and 22nd year? or was i unlucky? to all, the mothers, fathers, children and other relatives of our graduands – however well you chose each other, and whatever have been your relative aging processes – we say, congratulations indeed! savour this moment. cherish it, for yesterday is history, tomorrow is a mystery. today is reality. jansen, j ( 2006 ) “ teaching the wrong stuff in a dangerous world ”, teaching times. see mervyn king ( 1998 ), speech at the employment policy institute ’ s fourth annual lecture : 1 december. c. p. cavafy ( 1911 ) in edmund keeley and philip sherrard ( 1992 ) collected poems, princeton university press.

the pandemic shock that are short - lived from those that are longer - lasting. this increases our forecast errors and has significant implications when assessing the appropriate monetary policy response. ii. how would you compare the policy reaction vis - a - vis previous global crises central banks around the globe adopted a myriad of measures to counteract the financial instability and liquidity strains derived from the unprecedented disruption associated with covid - 19. moreover, central banks restored liquidity to the financial markets by providing liquidity - enhancing measures through existing facilities. some emes used unconventional monetary policy measures for the first time, embarking on government bond purchases, and in some cases undergoing necessary reforms to eliminate legal restrictions. even though in the first phase of the crisis central banks had to respond swiftly to avoid bad equilibriums and stabilize markets, i believe we should not over - emphasize the so - called “ market maker - of - last - resort ” narrative. we should not overemphasize our role as a potential buyer of local currency or domestic securities, otherwise we run the risk of amplifying the adjustment process, as we would attract more short - term investors and market players would internalize a “ trigger - happy ” reaction function. we should worry less about palliatives. as emes, we need to stay on course to achieve a stronger, deeper, and more sustainable integration in global trade and financial markets. i believe that, in many instances, emes narrative is crowded by the different range of second 2 / 3 bis central bankers'speeches or third best options available : i ) fx interventions, ii ) the duration of buyer - of - last resort on domestic bonds, and iii ) even capital flow management measures, which are better known as capital controls. ems need to move out of a bad equilibrium of : i ) illiquid fx market, ii ) influential fx interventions, and iii ) domestic financial institutions and corporates ’ unable to withstand large fx swings ; and move towards a better equilibrium of : i ) deep and liquid fx markets that could work as a shock absorber, ii ) less relevant fx interventions, and iii ) financial institutions and corporates resilient to tail - risk fx swings. in terms of policy recommendations, even under the effects of covid - 19, we should remain on course, implementing the necessary policies to achieve more developed markets and avoiding second and third best options. 3 / 3 bis central bankers'speeches