non - performing loans in the future as well. the proposals that were recently made by the ecb in this regard strike me as a sensible way forward. 5. conclusion ladies and gentlemen let me conclude. after all, i would not want to evoke the feelings that a doctor once gave to a patient who craved 4 / 5 bis central bankers'speeches immortality. the doctor informed the patient that immortality was beyond the reach of medicine, but the patient was insistent : " is there nothing i can do? " the doctor replied : " well, there is one thing. you could marry an economist and move to north dakota. " " and that will make me immortal? " " no. but that way, even six months will seem like an eternity. " i thank you for your attention and wish you all a stimulating discussion. 1 auer, r, c borio and a filardo ( 2017 ), “ the globalisation of inflation : the growing importance of global value chains, " bisworking papers 602, bank for international settlements. 2 draghi, m ( 2015 ), “ monetary policy and structural reforms in the euro area ", speech from 14 december 2015 3 czernich et al ( 2011 ), broadband infrastructure and economic growth, economic journal vol 121. 4 asdrubali, p, b e sørensen, and o yosha, “ channels of interstate risk sharing : us 1963 – 1990 ", in quarterly journal of economics, 111 ( 4 ), 1996, pp 1081 – 1110. 5 allard, c, p k brooks, j c bluedorn, f bornhorst, k christopherson, f ohnsorge, t poghosyan and an imf staff team ( 2013 ), “ towards a fiscal union for the euro area ", imfstaff discussion note, 13 / 09. 6 adalet mcgowan, m and d andrews ( 2016 ), “ insolvency regimes and productivity growth : a framework for analysis ", oecd economics department working papers no 1309. 7 german council of economic experts ( 2017 ), “ towards a future - oriented economic policy ". 5 / 5 bis central bankers'speeches

##up of fund resources at the expense of members who feel strong enough not to seek pro - active fund insurance, but would nevertheless prefer fund resources to remain available for emergency situations. with regard to crisis resolution and imf lending, a recurring theme today was the growing relevance of private sector participation in debt work - outs. the increased use of collective action clauses in bond contracts is an indication of this development. one does not need to go so far as to negate the potential future role of official assistance in the crisis resolution process. but, as was also correctly stated, the fund has considerable influence to determine the outcome of debt negotiations, including lending - into - arrears decisions in a debt restructuring situation. but it is also clear to me that the fund ’ s role has to respect the prerogative of private solution schemes to safeguard the fund ’ s systemically important “ diplomatic immunity ”. ex ante moral hazard can best be avoided on the basis of a rules - based lending policy. defining elements should be the consistent application of the regular access limits and a clear - cut framework for exceptional access. furthermore, it would certainly be helpful if imf programmes were designed in such a way that improvements in a country ’ s capacity to repay would at a minimum be commensurate with its repayment obligations vis - a - vis the fund itself, without paralyzing the country in a “ debt trap ” in which the country ’ s repayment obligations to the fund would need to be rolled - over repeatedly. of course, there is no perfect solution to the fund ’ s moral hazard or “ roll - over ” problem. but rules - based lending focused on truly exceptional emergency cases and on balance of payments problems would at least send a signal in the right direction. the theme of one of today ’ s sessions, “ the imf – panacea for every illness ” brings me to my last point, namely the role of the imf in low - income countries and in development financing. focusing the imf ’ s objectives necessitates a clear distinction between its work and that of multilateral development organisations. undoubtedly, the imf has an important role to play in developing countries. surveillance, policy advice, technical assistance and prgf funding, which pursue the goal of macroeconomic stability and sound policies, are important instruments to help improve the perspectives for long - term growth in low - income countries. the current debate on further debt relief, however, is a more controversial issue.