furthermore, we must avail of the efficiency provided by the technology, in sharing our information. a joint web - site can be established, where we can find important information, interpretations, or share its experience regarding supervisory issues or financial stability issues. when mentioning this ways of cooperation, i am not trying to neglect what is already happening and i am mindful of the fact that there is a trade - off between the advantages of such cooperation and its costs. we should also point out that memoranda of understanding ’ s can not act as a substitution for cooperation in practice. it is important we maintain close contacts with our counterparts, on exchanging regular information on general trends and issues of respective banking systems in normal times, as it serves to establish confidence for future cooperation, particularly during distress times. otherwise, such official cooperation agreements will do little in making a real difference. let me conclude by saying that the objective of reaching and maintaining the financial stability is not an easy task but we could contribute a lot in its achievements by enhancing our efforts to make sure that financial market institutions are performing soundly in a stable macroeconomic environment. our contribution can be much more effective if it is properly coordinated regionally. such cooperation will ease our efforts in improving supervision capacities, avoid cross - border regulatory arbitrage and will serve our efforts to meet our objective of integration in european financial markets. we can enrich the modalities of such cooperation, keeping in mind that the basis of good cooperation is established in normal times, through regular contacts. thank you.

financial market has also triggered new ideas on how financial institutions and particularly banks intend to adjust their business volume and size to position themselves better in the marketplace. but this is something where we would like to see a more active and consistent approach, in both establishing active business development policies and bringing in good quality and experienced management in applying those policies. it is indispensable for our supervisory authorities to be informed of the policy of different important financial or banking groups that operate throughout our region. host to host cooperation can help in this regard because some of us enjoy better communication links with the home country supervisory authority and they can share this information with the rest of the supervisory authorities in the region, within ethics and transparency principles. in practise, this can turn out to be a very valuable approach, because these regional foreign banks tend to adopt similar policies in countries with similar characteristics. another area where we could establish a strong cooperation is the discussion that should occur when any of us is adopting certain measures that are intended to control risks that appear from trends in the financial business developments. in return, we would be able to adopt similar supervisory policies, thus reducing damaging regulatory arbitrage possibilities and other risks associated with it. one implication of the supervision / regulation heterogeneity across counties in the region is the ineffectiveness of indirect measures to control for credit growth. therefore finding ways and pushing homogeneity in this regard would at the same time be also important to compensate the lost effectiveness of monetary policy and the eventual demand pressures. there are also a few other ideas that stress the importance of pre - emptive regional cooperation, in bringing us as a region closer to fulfilling our target of european integration. by setting up and pursuing coordinated financial market development policies, we help to integrate our national financial markets into the international financial markets, and pave the way for other economic and social reforms to follow. the modalities of such cooperation vary. ad - hoc periodical meetings of governors in the region, supported by more frequent meetings in a technical level to support the discussion agenda, could be one way of approaching the objective for stronger cooperation. in addition, through a more consistent communication, we can try to identify particular issues which are relevant for our regional financial markets, and pose those issues to our counterparties, being common home country authorities, other supervisory authorities where we turn for assistance, or even professional organizations where our supervisory authorities participate. i am sure our concerns can be taken more seriously if raised as a region.