earlier and more accurately. the lessons learned from the past are of paramount importance in this regard. some lecturers have highlighted the fact that the limited policy leeway for central banks will demand an incentive scheme for value creation, aiming at enhanced and larger commercial and financial integration into the global economy, and will require creative solutions leveraging development opportunities for the population ’ s good, such as the use of technology to achieve more inclusive and deeper financial systems. we agreed that, in spite of little leeway and less developed financial markets in the region, monetary policy has had an effective countercyclical effect through conventional and unconventional measures. another issue that has been underscored is how the dollar currency pricing model severely weakens the expansionary channel of the exchange rate, and how strong exchange rate volatility may discourage exports given the uncertainty about future returns on investment. this explains the change associated to multilateral lending agencies, e. g. the imf, regarding the supplementary role of “ unconventional ” monetary policy tools, such as the preventive accumulation of international reserves, sterilized foreign exchange intervention, and the use of macroprudential tools and controls on unrestricted capital flows, to mitigate the negative effects of the global financial cycle and reduce financial dollarization. finally, we have discussed the global context of the pandemic, the differences among advanced and developing countries to deal with such unprecedented shock, as well as the challenges to turn this recovery into inclusive, sustainable growth, including the environmental dimension. we celebrate the various and plural approaches and perspectives presented at this conference, and above all, we affirm our commitment to critical reflection and academic excellence. once again, we thank you all for being part of the money and banking conference. we hope you have enjoyed it as much as we have. we look forward to meeting you again at next year ’ s edition. wednesday, november 24, 2021

) monetary prudence ; 3 ) external sustainability with exchange - rate flexibility and countercyclical policies ; and 4 ) better regulated and deeper financial systems. the current account surplus and a primary fiscal surplus has reduced indebtedness in virtually all countries in the region. latin america has been showing a current account surplus for three years in a row, which reached about 1. 3 % of gdp in 2005. fiscal solvency has become a public good highly and undoubtedly valued by our society. most importantly, fiscal discipline is not an asset for the left or right. it is just common sense. there is also increased price stability along with a greater social demand for restrained inflation. central banks in the region have been able to meet these demands by pursuing prudent monetary policies. this scenario together with higher private capital inflows has helped to develop countercyclical policies by means of foreign reserves accumulation. while, the decision regarding the level of foreign reserves that a country should hold is generally associated with the need for a certain amount of liquidity to meet external liabilities, i would like to stress the role that foreign reserve accumulation plays as an insurance and deterrence mechanism for emerging countries. i believe it is the responsibility of every country to develop its own set of countercyclical policies that would help weather limited access to financial markets without causing a significant impact on domestic variables. building a precautionary cushion of foreign reserves is particularly important for emerging markets in these benign times. also, there has recently been a shift in the focus of international financial rules. the old paradigm is in crisis, but no replacement has yet been found. the problems in distinguishing between financial turbulences that arise from temporary or permanent causes may lead to contagion effects ; an uncertain transition from bail - out to bail - in ; problems arising from moral hazard, are as present today as they have been in the past. therefore, in the absence of an international lender of last resort and with an incomplete international financial architecture, the accumulation of international reserves for prudential reasons has to be contemplated. in fact, today i believe that, there is no good substitute for sound liquidity policies developed domestically to deal with exposure to the potential risks i described earlier. and this is not a policy exclusive to argentina. following the macroeconomic and financial instability of the second half of the 1990s, the main emerging countries, especially those that have endured financial crises, have favored the accumulation of reserves as a mechanism to reduce the vulnerability