luis maximo dos santos : financial inclusion and education for central banks of portuguese - speaking countries opening address by mr luis maximo dos santos, vice - governor of the bank of portugal, at the 3rd meeting on financial inclusion and education for central banks of portuguese - speaking countries ( bcplp ), lisbon, 6 july 2017. * * * as prepared for delivery. 1. welcome to portugal, to lisbon and to banco de portugal. welcome to the 3rd meeting on financial inclusion and education. i would like to warmly greet the central banks of sao tome and principe, timor - leste, brazil, the west african states, cabo verde, mozambique, angola, as well as all the distinguished members of each bank ’ s delegation. your presence honours us all, thank you. it is also my pleasure to greet every one present today and to welcome for the first time the alliance for financial inclusion, represented by its executive director. 2. these meetings were started not a moment too soon, in 2013, resumed in 2015 and today we gather to open the third. it is not only our privilege but also a pleasure to host this event. in fact, financial inclusion and education are increasingly seen as a priority in the international agenda on account of their impact on the promotion of financial stability and economic development. these meetings on financial inclusion and education show how important it is for central banks of portuguese - speaking countries to share their knowledge and experience of initiatives to promote financial inclusion and education. the wealth of experiences and best practices shared at the first two meetings led to the publication of reports on the initiatives undertaken to promote financial inclusion and education in portuguese - speaking countries. i am certain that the past two years have brought us many developments on this subject, in the various countries, which will be presented and analysed today and tomorrow, meriting a third report to be published with the conclusions of this meeting. every time, these meetings delve deeper into the topic under analysis : 1. at the first meeting, in 2013, we took stock of what part central banks should play and of the best international practices to promote financial inclusion and education ; 2. at the second meeting, in 2015, we debated financial education in schools, distance learning and the importance of partnerships for the success and sustainability of financial inclusion and education policies. in this third meeting, besides taking an in - depth look into financial education in schools, a strategic pillar of education for population in general and for young people in particular, new

elisa ferreira : lessons from the crisis for central banks - a policy view remarks by ms elisa ferreira, vice - governor of the bank of portugal, at the joint bank of portugal and european central bank conference on " risk management for central banks ", panel 2 " lessons from the crisis for central banks - a policy view ", lisbon, 25 september 2017. * * * introduction economists and policymakers are still struggling to build a consensus on the long - run economic impact and on the policy implications of the financial crisis, 10 years past its beginning. in my view, there are two major lessons from the crisis : ( i. ) understanding macroeconomic equilibria requires knowing the interaction / transmission mechanisms of balance sheet positions of all agents in the economy, the behaviour of financial intermediaries and the interlinkages between the financial and non - financial sectors of the economy ; this has implications on the design of economic policy, notably monetary and macroprudential policies, and on the need for interaction between monetary, macroprudential and microprudential policies ; ( ii. ) the european architecture was unprepared to face the financial crisis and, despite several major steps observed in recent years, we are still living within an incomplete setup ; a holistic approach – combining ( i ) steps in micro and macroprudential policies, ( ii ) policy action to implement the three interlinked pillars of the banking union ; and ( iii ) further coherent steps in economic integration are warranted. in these remarks i would like to briefly touch upon each one of these lessons, having in mind the policy implications that may arise for the euro area. ( i ) the return of financial issues to centre stage in economic thinking and the challenges still faced at the current juncture one of the insights from the crisis is that real and financial interactions can only be ignored at our peril. this has implications for economic modelling and for the design of monetary and macroprudential policy strategies. in particular, should financial stability considerations be incorporated in the conduct of monetary policy? what is the effectiveness of macroprudential policy when some of the risks for financial stability have already materialized and the macroprudential “ buffers ” were not build up beforehand? how do monetary policy and macroprudential policy interact in practical terms? issues such as how to optimally coordinate policies and how to avoid time - inconsistency problems in this coordination are still outstanding. this is even more evident in a