dramatically : from an almost 9. 4 percent growth rate in 2008 q3 to a most likely significant decline in 2009 q1. the monetary and fiscal policies will be resorted to with a view to adjusting to the new environment. in face of the crisis, the relatively large stock of private foreign debt and the increased market volatility made some economic agents believe that the early adoption of the euro could supersede the need for economic policy adjustments. yet this is not a viable option, as adopting the euro prior to having achieved the main stages of convergence with the eu might pose serious threats in the future. the adoption of the euro today would mean to relinquish monetary policy before having ensured convergence sustainability, namely before removing all the imbalances we are facing today. the outcome would consist in monetary policy being designed by the european central bank ( ecb ). but the ecb policy might prove inadequate from the standpoint of the specific problems facing the romanian economy. the risk might occur that, in face of relatively high volatility of output and inflation, we run out of instruments to tackle the issue. i consider this as a strong enough reason not to adopt the euro prior to eliminating all major imbalances in the economy and before having made enough progress on the path to achieving convergence. we stand committed to implement the pre - announced calendar of the euro adoption. we intend to join erm ii on 1 january 2012. after the minimum two - year stay in this mechanism, the joint decision on entering the euro area will be made in 2014 and ( likely to ) become effective as of 1 january 2015. mention should be made that this is the calendar considered by most rating agencies and foreign investors, hence any large deviation ( postponement ) from this calendar would be negatively perceived and penalised accordingly. * * * i believe there will also be other lessons for countries to learn from the current financial crisis. they will learn the manner in which a banking system can be restructured so as to cope with a global financial crisis, particularly what is the impact of a so - called " bad bank " on real life. i trust countries will learn that central banks'resort to unconventional instruments bears certain costs. yet, regardless of the number of lessons learned, the experience of financial crises indicates that the social memory of crises is of short duration and that the possibility of repeating the same mistakes should never be ruled out. let me conclude my speech with the words of ivy baker priest, former

more global colleges for significant cross - border firms will become active in the near future. while colleges are a sensible approach to dealing with the global nature of the financial industry, they have their limitations, especially in a global context. in contrast to eu colleges, global colleges have no legal basis, and this hampers supervisory cooperation and information - sharing. dnb currently chairs two global colleges. in these colleges we provide for several it tools to encourage as much information - sharing and cooperation as possible, provided that the confidentiality of supervisory information is assured. conclusion ladies and gentlemen, let me conclude. the crisis has reminded us all too well that a new structure for financial supervision in europe is urgently needed. in a european context, the proposals of de larosiere group are a good point of departure, though specific amendments are required. at the end of may, the european commission will present its reaction to the de larosiere group proposals. i will give our present position. to improve macro - prudential supervision, the european systemic risk council should be set up as soon as possible. open issues about its mandate and institutional design should be resolved. regarding microprudential supervision, i am in favour of more centralised european decision - making, but only if the necessary requirements for such a leap forward are fulfilled. the central issue we need to settle on is burden - sharing at the european level. in a global context, the scope of supervision should be broadened and include all financial systemically - relevant institutions. in line with the g20 declaration, the functioning of colleges of supervisors should be supported.