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

closing remarks for the 13th edition of the regional seminar on financial stability florin georgescu, first deputy governor of the national bank of romania bucharest, september 13, 2019 distinguished guests, ladies and gentlemen, we have reached the end of the 13th edition of the regional seminar on financial stability and it is my pleasure to provide some closing remarks. after two days of interesting presentations and intense debates, i will try to summarize some of the ideas presented here. in this year ’ s edition of the financial stability seminar, whose topics was “ inclusion and financial stability ”, we have discussed about : o financial inclusion and income inequality o correlation between macroprudential policy and financial inclusion o access to banking financing o climate - related risks all these were discussed in the context of financial stability. some of the subjects, like macroprudential policy and its effects, were discussed in - depth these days, but also in the previous editions of the seminar. and that ’ s how it should be. this policy represents a key element in ensuring financial stability. macroprudential policy, according to esrb recommendation, has ” the ultimate objective to contribute to the safeguard of the stability of the financial system as a whole, including by strengthening the resilience of the financial system and decreasing the build - up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth ”. on the other hand, the focus of micro - prudential supervision is to safeguard individual financial institutions from idiosyncratic risks and prevent them from taking too much risk, while ensuring the consumer protection of both investors and depositors. in the past years, many of these issues have been addressed. in terms of macroprudential policy, we have seen in all the european countries measures implemented on the supply side, namely capital buffers, and in some member states even measures on the demand side. this is also the case for romania which introduced debt service - to - income and loan - to - value requirements. 1 / 4 some of the topics, like financial inclusion and inequality are just as important as macro and microprudential policies and i welcome the fact that some presentations addressed these aspects. financial inclusion and income inequality are more and more a subject of interest for central banks. it is a topic that was on the agenda of a previous financial stability seminar and today ’ s also, and in my opinion, it deserves a special attention. the papers discussed these days lead to the idea that higher financial inclusion