issue, one of the central themes addressed by the report to the club looking to the future is education. professor mircea malita, a romanian veteran of the club of rome, identified the potential of education in his 1979 report “ no limits to learning ”, which was like a mirror to the first report. it is him who will reiterate today the topic of education, together with richard ernst, who will present an interesting paper, “ an inseparable pair : education and ethics ”. we will equally have the opportunity to listen today to mr. roberto peccei ’ s “ the significance of limits to growth for the work of the club of rome ”, as well as to the co - authors of the first report, dennis meadows and jorgen randers, who will look at the lessons of the first report nowadays. in the new report, “ 2052 – a global forecast for the next forty years ”, jorgen randers underlines the need to use the values or the lessons of the first report for the future. and actually looking back 40 years, he will look to the next 40 years. we are eager to listen to him to see what the prospects are for the next 40 years. looking at today ’ s agenda, i would like to mention the relationship between humankind and nature. we ’ ll have a special session, where ernst ulrich von weizsacker will discuss bis central bankers ’ speeches about “ factor five : transforming the global economy ” and anders wijkman about “ bankrupting nature ”. i will also address the topic of transforming the financial and monetary system. i am sure that today ’ s debate will bring light to our faces and we will find together the best answers to the future of the humankind. i invite the panellists to start the first session. thank you very much! bis central bankers ’ speeches

domestic private banks are prevalent. second, this dominance is a relatively new phenomenon : the share of foreign - owned banks became prevalent as late as the first years of this century, even in central and eastern europe. in other words, it has been possible to verify the paradigm in practice only in the last few years. it is fair to say that foreign - owned banking prevalence in central and eastern european countries has happened more by default than by design. after a few banking crises which hit the region in the late nineties, the lack of domestic private capital, combined with the fragile situation of the state budgets, made it compulsory to privatize the existing banks by selling them to foreign entities. i must confess that i also advocated the penetration of foreign capital into the romanian banking sector. when my tenure as prime minister ended in late 2000, one piece of advice i gave to my successor was that the privatization of banks should continue as a means to promote restructuring of the loss - incurring soes and to stimulate convergence to the eu. i still believe that it was the right call, as foreign - owned banks had a favorable impact on economic growth and therefore played their part in the catching - up process, even if – ten years later – nouriel roubini sees the large share of foreign - owned banks in the romanian banking system as a liability. the counterfactual argument “ what would have been the performance of domestically - owned private banks? ” does not withstand scrutiny : domestic private capital simply did not exist. however this intellectual exercise is worth doing, given some shortcomings of foreign - owned banks, which were revealed afterwards. one such shortcoming was the excessive euroization of some economies in the region ( romania, hungary, baltic states ), given the reliance of foreign - owned banks on their parent banks for cheap financing. excessive euroization has proved to be a liability for all parties concerned : for the public, which became hostage to exchange rate risk without being properly hedged, for the central banks, which saw their transmission mechanism eroded, and even for the commercial banks themselves, which quite often had a large mismatch between loans and deposits in foreign currency. moreover, some of the banks have extended credit in “ exotic ” currencies ( swiss franc, japanese yen ), the strict regulations in their home countries ( austria, belgium ) notwithstanding, thereby increasing the vulnerability to adverse shocks ( banai, kiraly and varhegyi, 2009 ). would