regulation and supervision of the financial sector ; and the monitoring of private and public debt in foreign currency. deep and developed domestic financial markets are a necessary condition for building up resilience to external shocks. the consensus nowadays is that exchange rate flexibility might help, but it is no silver bullet. economies need to have good fundamentals and a comprehensive set of policy tools, including macroprudential and capital management measures, to protect themselves adequately from adverse spillovers. finally, from a multilateral perspective, it seems that the interdependencies between the policies of both the originator and destination countries call for enhanced cooperation. while formal monetary policy coordination would not be feasible in view of central bank mandates, there is scope for enhancing multilateral efforts to deal with adverse spillovers. having a platform for the exchange of views is extremely valuable in this regard. i am thinking about this high - level policy dialogue between the eurosystem and the mediterranean countries ’ central banks. i believe that this is the right forum in which these issues can be framed and discussed on a regular basis. by sharing information and views on the global and domestic economic outlook and on the frameworks within which policy decisions are taken, central banks of the eurosystem and the southern and eastern mediterranean countries can develop a better understanding of the respective monetary policies. enhanced transparency makes policy actions more predictable and facilitates discussions on the mix of policy options to anticipate and address risks in the countries affected. figures and tables figure 1 international financial integration : gross external assets and liabilities ( per cent of gdp ) ae eme ( right scale ) sources : lane and milesi - ferretti ( 2017 ) and imf. figure 2 snapshot of the international monetary system ( percentages ; data at 2018 q4 or the latest available ) us dollar euro renminbi yen foreign exchange reserves international debt international loans source : ‘ the international role of the euro ’, ecb ( 2019 ). foreign exchange turnover global payment currency ( swift ) figure 3 capital controls restriction index 1. 0 1. 0 0. 8 0. 8 0. 6 0. 6 0. 4 0. 4 0. 2 0. 2 0. 0 algeria egypt lebanon inflows morocco outflows tunisia united states 0. 0 overall source : fernandez et al. ( 2016 ), update. note : the dataset considers capital control restrictions on both inflows and outflows of 10 categories of assets. it is based on the analysis of

there can be arguments against disclosure. the few years involved can be perceived as a running - in period during which the previous dialogue between the banks and the authority concerning provisions is supplemented by a dialogue on capital adequacy. danmarks nationalbank would like to emphasise, however, that the assessment of the need for capital should be disclosed when the full basel ii framework is implemented. the financial markets and the financial products are becoming more and more technically advanced and sophisticated. new products are constantly appearing to match customers ’ changing needs and preferences. in overall terms this is good for both business enterprises and households. choice is always a good thing - so that everyone ’ s needs can be catered for. for large groups of especially households it can be very difficult, however, to pinpoint exactly what is needed, and even harder to understand the various products and the risks they entail, and make the right choice. this applies especially to life ’ s major financial decisions, not least financing the purchase of a home and choosing the right pension scheme. this is where advisory services come into play. bank employees devote a lot of effort to advising households. it is, however, important that clients understand that there is no certain answer to the question of how e. g. interest rates and share prices will develop in the future. the adviser may have certain expectations, but nobody can know for sure. today many banks do a lot to emphasise that they are profit - driven commercial enterprises. this means that their employees must be good at selling their products. for this reason, some banks have incentive structures to reward successful salespeople. undoubtedly the interests of the bank and the private client may coincide, but it is hard to believe that this is always the case. this applies to many types of professional advisers - from insurance brokers to pharmacies, opticians and banks. denmark is now harvesting the fruits of more than 20 years ’ stability - oriented economic policy during which major structural reforms have been implemented. as a result, we have favourable growth, low inflation, a large current - account surplus and a surplus on government finances. unemployment is low in international terms. after rising for two years the curve seems to be on the way down as the unemployment level has stabilised, or is dropping slowly, depending on whether people in job creation schemes are included or not. the krone is extremely stable against the euro and both short - term and long - term interest rates are only marginally above the euro interest