failing to pay for the negative externalities they created, some changes in the corporate decision - making are expected. the second point is that “ there is a strong link between financial stability, on the one hand, and capital and financial discipline, on the other. ” a competitive and stable economic framework has to ensure an appropriate balance between rights or liberties and obligations or accountability of entrepreneurs. while many efforts have already been made on the macroprudential side, we should also pay attention to the micro level. when a crisis hits, you have to have your house in order. that means you have to address preemptively your own vulnerabilities. at the heart of any economy lies the capital, which in developing countries is the main factor of production. the quantity and quality of capital ensure the competitiveness of the economy, which creates the conditions for reaching an optimal macroeconomic equilibrium. the segregation between freedom and responsibility at the level of firms seriously undermines the foundation of the market economy and creates deep social disparities. 3 / 4 besides a strong capital base, a fully functional market economy needs strong financial and payment discipline. without these, financial instability would likely appear. * * * and, i would like to conclude by expressing, on behalf of the national bank of romania, our appreciation to all the participants for attending the seminar and to the imf for their constant support in organizing such useful debates. as the purpose of the seminar is to discuss current financial stability challenges and to exchange knowledge in dealing with such challenges, i believe that the objective has been achieved during these two days event. finally, taking into account : first, the issues i have mentioned above ; second, the direct and strong correlation between the capital and the real economy and third, the fact that the distinguished participants who will take part in the next year seminar can offer the possibility to share experience among countries and institutions, i would like to suggest that the 2020 event topic to be “ the capital in the real economy as a cornerstone of the financial stability ”. 4 / 4

banks or banking structures or “ national champions ” were in the interest of the respective taxpayers. the elimination of potential national bias is therefore key. implementation of the european dimension depends on several elements. the first is the appropriate scoping of participating jurisdictions. the establishment of the ssm will bring all banks established in the euro area, and the credit institutions established in those member states which have entered into a close cooperation with the ecb, under the supervision of the ecb. this creates a level playing field. whereas only the most significant banks will fall under the direct supervision of the ecb, less significant banks, while remaining under national supervision, will not be excluded from the ecb ’ s supervisory reach. 1. national authorities will have to abide by ecb regulations, guidelines and general instructions and be subject to the ecb ’ s broad oversight mandate over the functioning of the ssm. 2. to ensure the consistent application of supervisory standards, the ecb may decide at any time to exercise direct supervision on less significant credit institutions. 3. the possibility for non - euro area member states to join the ssm emphasises the eu - wide dimension. this also implies that they will have to adhere to the guidelines and instructions issued by the ecb. the design envisaged for the ssm is based on building a strong centre, supported by an adequate allocation of tasks between centre and periphery. the responsibility and decision - making power for the overall functioning of the system will be held by the ecb. its efficient operationalisation, however, will depend on the national competent authorities, whose expertise and proximity to the supervised entities are essential in ensuring that no aspect is overlooked. even in the case of banks directly supervised by the ecb, experts from national authorities will be involved in on - site inspections. these and bis central bankers ’ speeches other operations should be conducted in the context of joint supervisory teams headed by ecb experts. the conferral of supervisory tasks to the central bank mirrors the prevailing consensus in many jurisdictions. the crisis has actually reinforced this trend of central banks acquiring supervisory responsibilities, benefiting from the synergies between monetary policy and supervision. these first include potential benefits from the sharing of information with regard to monetary policy, the supervision of banks and the oversight of payment systems. second, central banks can draw on expertise in the field of financial stability analysis. third, the institutional independence of central banks, with clearly defined rules of accountability, can positively contribute to the effective conduct of