be no fixed template. there is a need for supervisory bodies to design and understand structures and approaches that are best suited to their needs. 1 / 2 bis central bankers'speeches it is my sincere hope that all of you, participants, will use the experiences gathered here to assist your respective institutions and countries with the implementation of forward - looking and smart risk - based supervision policies and frameworks. at this juncture, i take the opportunity to express our sincere appreciation to the esaamlg for the opportunity provided to the central bank of seychelles to host this workshop, on a subject of utmost importance. i would also like to give a special mention to our facilitators who have done a wonderful job of setting the scene and steering the discussions, allowing for a stimulating environment for rich exchanges. last, but certainly not least, i would like to thank all the participants for your active participation ; the learning experiences and innovative ideas shared by all has contributed to the success of our deliberations over the past four days. this workshop has undoubtedly given more impetus to work already being done locally, as we move towards adopting a more forward - looking approach to supervision. i would recommend that such workshops be replicated in our respective jurisdictions, thus providing more opportunities for professionals at the institutional and sectoral level to be exposed to such learning experiences. on this note, i would like to thank you for your attention and active participation. to our visiting participants, i wish you all a safe trip back home. thank you. 2 / 2 bis central bankers'speeches

too long, it will lead to problems like we saw during the 2011 european debt crisis, when several member states experienced major financial problems and all of us went through a deep recession. the euro crisis taught us that we cannot just abandon struggling euro area member states to their own fate. so, as long as the phenomenon of divergent growth exists, more productive economies will occasionally have to step in to help the less productive ones. but it would be even better to tackle the root cause of this growth divergence. these differences between north and south are not after all a god - given natural phenomenon. it is an uncomfortable observation that in recent years, that some even characterized as euro boom years, many opportunities for economic reform have been missed. 1 / 3 bis central bankers'speeches covid - 19 crisis as a challenge to europe on top of this we now all have a new crisis to contend with, the covid - 19 crisis. what is particularly cruel about this crisis — and i might add hazardous for europe — is that the most vulnerable economies in the euro area have been hit the hardest. consequently, their government debt will rise even further. market concern about their debt levels may force these countries to start cutting their deficits before their economy has been able to recover. which could further exacerbate economic divergence between euro area member states. in time, this could undermine public support for the euro. to this day, public support for the single currency remains high. but can we take it for granted that it will stay that way? southern europe currently reaps relatively little benefit from the euro. and in northern europe, people often feel they are being called on to bail out their mediterranean partners. moreover, within the more prosperous 3 member states the benefits are not always shared evenly. in my own country, for instance, businesses have benefited greatly from the single market and the euro. due to lagging wage growth and an increasing tax burden, however, the benefits for households are less pronounced. if a large proportion of them start to see “ europe ” first and foremost as a private party for businessmen, with scant benefits for their own pockets, then that will undermine support for the european project. i think that is something we should all be worried about. also, because europe is about so much more than just the financial benefits. take the shifting geographic balances of power, the refugee crisis, the climate crisis. you don ’ t have to be a europhile to understand that we