should. as various views and assessments concerning this are expected at today ’ s seminar, i would like to make several points about a future global economic recovery from slightly different perspective and the practical part the emes can play in this. i would like to begin my speech by arguing that the global economy has already entered into a state of multiple equilibria, where bad and good equilibrium coexist. my working hypothesis is that an equilibrium that eurozone area economies attempts to achieve is likely to be a local, not a global equilibrium. furthermore, it can be a bad equilibrium in that it may incur negative spillover effects on the emes. such equilibria tend to remain unstable and we expect that knife - edge equilibrium cannot be sustainable. i believe a global equilibrium can only be attained with the concerted policy efforts by advanced and emerging market economies. let me be a little more specific about my argument. the eurozone sovereign debt crisis poses a threat to a global economic recovery and financial stability, and the upshot may be that it is hard to rule out the possibility of it affecting the emes unstable due to excessive provision of capital and thus making the capital market bis central bankers ’ speeches of emes highly volatile. the chances are also slim that the sovereign debt problems of major economies including european countries can be resolved smoothly without achieving global economic growth. i believe therefore that it is high time for us to concern ourselves with how best to revive the global economy, while consolidating the achievements of the financial reforms implemented by the policy authorities of individual countries in the wake of the global financial crisis from a medium and long - term perspective. of course, since the tasks and challenges that we should deal with in order to escape from the current crisis and get back to a sustainable growth track are multifaceted and highly interconnected, the solution should not be limited to a single country or a certain region but be sought at the global level. in this context, i think the key here is to maximize the positive knock - on effects of growth running between emes and advanced nations. and i am convinced that emes will play a bigger role in this process going forward. specific figures also bear this out as well. emes accounted for 54 % of the growth of the global economy from 2000 to 2005 and their growth contribution rose to 72 % from 2006 to 2011. in addition, while emes contributed just 37 % of the global gdp in 1999, their share went up to 49

i see no reason to depart from the pre - crisis framework. thank for your attention. 1 see, for example, r. w. dimand ( 2007 ), irving fisher and financial economics : the equity premium puzzle, the predictability of stock prices, and intertemporal allocation under risk, journal of the history of economic thought, 29, pp. 153 – 166. 2 the framework was mainly in accordance with the international consensus among central banks on monetary policy implementation. see u. bindseil, evaluating monetary policy operational frameworks, jackson hole symposium, 2016. 3 deutsche bundesbank, implications of the eurosystem ’ s monetary operations during the financial crisis, monthly report, april 2014, pp. 37 – 59. 4 for an overview of the various arguments, see b. bernanke, “ should the fed keep its balance sheet large? ”, bernanke ’ s blog at brookings, 2 september 2016 ; m. t. kiley and j. m. roberts, monetary policy in a low interest rate world, brookings papers on economic activity, 48 ( 1 ), 2017, pp. 317 – 396 ; d. quint and p. rabanal, should conventional monetary policies become conventional?, deutsche bundesbank discussion paper no 28 / 2017. 5 c. borio, p. disyatat, m. juselius and p. rungcharoenkitkul ( 2017 ), why so low for so long? a long - term view of real interest rates, bis working papers, no 685 ; deutsche bundesbank, the natural rate of interest, monthly report, october 2017, pp. 27 – 42. 6 p. a. f. magalhaes, c. a. camillo, d. langer, l. b. andrade, m. do carmo m. b. duarte and r. gosselink ( 2018 ), weaning failure and respiratory muscle function : what has been done and what can be improved?, respiratory medicine, 134, pp. 54 – 61. 5 / 5 bis central bankers'speeches