to balance interests involves different interest groups and produces a complex picture. so a widely accepted and objective benchmark is needed, and shibor can take this responsibility. i suggest that more products, from company - wide provident fund, public welfare fund, company - wide trust fund to wealth management products, housing provident fund and broker depository fund shall be linked to shibor. seventh, the authenticity and quality of shibor. in the previous year, shibor made big strides. delighted though, i also closely watch the quality and authenticity of shibor. the spread between shibor within 3 months and the actual trading rate is small, so market transactions are brisk. but the spread between long and medium - term shibor rates and the actual trading rates is relatively large. because shibor is a benchmark for the inter - bank market that has become a main force for the money market and bond market, some of the protracted problems are also reflected in shibor. for example, some trading rates include some factors beyond the market, including special arrangements and adjustments tailored to a specific counter - party. one rate that concludes a deal with one particular counter - party cannot apply to other counter - parties. similar situations still exist. we hope shibor is less distorted, but whether a deal can be sealed concerns credit approval. the most standard practice is to base risk premium on the credit standing of different counter - parties and add the risk premium to shibor. we don ’ t want to see complicated factors ( such as interest transfer ) intervening trading rates to make trading rate and quoted shibor rate further apart. the solution of this problem involves many aspects such as internal management, credit approval and delegation of power to branches. as far as transparency of trading price is concerned, there is such a belief that lack of transparency and extreme transparency shall both be avoided. in case of over transparency, after a transaction is made, all other counter parties know about the trading rate. but in fact, it is normal to add risk premium when trading with smaller banks. how to determine an appropriate level of transparency? we wish to provide a system as convenient as reuters where one can publicize transaction information to the whole market and deal with individual counter - parties through a small window. but as far as price - quoting banks are concerned, price quotation and internal management shall become more clearly defined to eliminate interest transfer and other “ noises ” other than risk premiums outside the system, while such “ noises ” shall be dealt

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