stress, for example via margin calls on collateralised leveraged positions. we aim to enhance the monitoring of leverage in nbfi and address related vulnerabilities. the fsb is also soon going to publish an examination of the structural issues in some key short - term funding markets that prevent liquidity supply from matching demand during periods of turmoil. it is important to keep in mind that the nbfi ecosystem is highly connected across entities, and with the banking sector. this creates the risk that local stress will be transmitted to other parts of the financial system and across borders. for this reason, global financial stability is increasingly dependent upon a resilient nbfi ecosystem. 2 / 4 bis - central bankers'speeches we expect to see this resilience increase as national and regional authorities implement the fsb policy recommendations. but, of course, that is not the end of this story. as we monitor implementation, we will also pay close attention to assessing the effectiveness of these new policies. i should mention that our starting point for this work was to acknowledge that the existing policy toolkit for nbfi is extensive. but, these tools were primarily investor protection focussed. hence, to date, fsb policy proposals have largely repurposed existing policy tools rather than creating new ones. clearly that means that the realworld experience with using these tools for systemic risk mitigation is limited. so, it will be important to assess whether the repurposing of existing tools is sufficient to address systemic risks in nbfi – or whether new tools are needed. what i have described so far takes care of the foundational part of the structure. but what about the additional features? what about a macroprudential approach? well, the fsb plans to begin this phase by discussing members'experiences, and the lessons learnt in the design and use of their own macroprudential tools. these lessons may then inform best practices at the international level. that's why i applaud the central bank of ireland ( cbi ) for arranging this conference. the cbi's own experiences, including with the recent actions it's taken to enhance the resilience of its non - bank sector are of great interest to us. the same is true for macroprudential actions for nonbanks taken by other authorities. one might say that, in developing our policy measures, we should look at the tried and tested approach for banks. and indeed, as we

it means using our skills and talents to make a positive difference in the world. to stay true to this value, it's essential to practice empathy and understanding. try to put yourself in other people's shoes and consider their perspectives. volunteer your time and resources to help those in need, and be a positive influence on those around you. remember that small acts of kindness can have a big impact on someone's life. how can we practise compassion in our daily lives? one way is to cultivate a growth mindset. instead of judging others or labelling them, try to see them as individuals with unique experiences and challenges. by approaching others with an open mind and heart, we can build empathy and understanding and make a positive impact on the world around us. 2 / 3 bis - central bankers'speeches building community lastly, this school has taught us the value of community. former south african president nelson mandela said, " no one is born hating another person because of the colour of his skin, or his background, or his religion. people must learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite. " building community means reaching out to those around us, regardless of their background or beliefs. it means finding common ground and working towards a common goal. to stay true to this value, it's essential to stay connected with others and build strong relationships. find ways to support and encourage your peers, whether it's offering help, attending events, or simply being present. join clubs or organisations that align with your interests and passions, and get involved in community service projects that make a difference in the lives of others. building community also means being open to diverse perspectives and ideas. don't be afraid to engage in civil discourse with those who hold different views than your own. seek to understand their perspectives and find common ground where you can. by building bridges and connections with those around us, we can create a more inclusive and harmonious society. so, how can we stay connected to our community and build strong relationships? one way is to be present and engaged. attend events and activities, and participate in group discussions or projects. listen actively and ask questions, and be willing to share your own experiences and perspectives. another way to build community is to be vulnerable and authentic. don't be afraid to share your struggles and challenges with others, as it can help