. at the european level, it is necessary to complete the institutional architecture of the euro area, bringing the banking union to fruition and strengthening the fiscal framework. on a global scale, there are multiple challenges : the reinforcement of the regulation of non - banking intermediaries, the emergence of new risks ( cybersecurity ) and the creation or expansion of global and regional backstops. finally, the recent tensions in international trade and the recent proliferation of protectionist measures should serve as a reminder for us to defend the benefits of trade liberalisation as a means of strengthening growth in the economy and the reduction of poverty. this defence must be accompanied, on the one hand, by a reform of the rules of world trade so as to include more effective mechanisms to guarantee a more balanced playing field ; and, on the other, by domestic policies ( flexibility of the labour market, a sound social security network, and the creation of educational and training opportunities ) that adequately address the distributive problems that may stem from trade exchanges. it is also worth mentioning the promotion of trade openness in new sectors, mainly services, where the potential profit margin is significantly higher. without further ado, let me introduce the panelists. we are honoured to have with us today three very experienced representatives of the central bank community of the mediterranean region. 4 / 5 mr. abdellatif jouahri, governor of the bank al maghrib. mr. sadiq al - kabir, governor of the central bank of libya. mr. marc - olivier strauss - kahn, managing director and special adviser of the governor. they are very well suited to address the topics of this panel as they have a far - reaching knowledge of the economies of the region and long - dated experience as policymakers. governor jouahri, the floor is yours. 5 / 5

policy, many advanced economies are still in a situation of zero lower bound. more generally, in most countries the room currently available to face a hypothetical recession is less than that existing at previous similar cyclical junctures. monetary policy also needs re - thinking, on the basis of more long - term challenges for the economy. the natural interest rate has been falling since at least the 1980s. population ageing, by increasing the relative supply of savings, explains most of the fall across several advanced economies. a low or even negative natural interest rate poses new challenges for stabilisation policies. the lower bound on the nominal policy interest rate may more frequently be binding, and not just in episodes of acute crisis. this leads to the conclusion 3 / 5 that non - conventional monetary measures may ultimately be used more frequently than originally expected. in addition, many emerging economies face the gradual tightening of global financial conditions in a context of slowdown in their economic activity. in particular, this context is especially challenging for the economies that receive capital flows. in these cases, economic authorities must foster a stable macroeconomic environment and sound institutions that attract permanent capital flows. the widespread scant room for manoeuvre for the traditional stabilisation tools we have witnessed calls for the development of other policies to relieve monetary policy of the excessive role it has played post - crisis in maintaining financial stability. one of the lessons of the crisis is the importance of including new instruments in the policy toolkit, namely macroprudential policy. therefore, it is essential to identify risks and vulnerabilities to the economy that may stem from the financial system affecting the real economy or vice versa. in any event, it is of paramount importance to develop the appropriate macroprudential instruments covering both bank and non - bank financial intermediation to tackle these risks in order to have a stable financial system with countercyclical buffers that support sustained economic growth. the favorable cyclical juncture at which a number of economies still find themselves is a propitious time for tackling structural reforms aimed at fomenting increase in potential growth. this is especially relevant in the case of advanced economies that have seen a significant decrease in productivity growth in recent years. we should not forget that in the downturn phase of the cycle the introduction of structural reforms is much more costly. the global financial crisis led to a regulatory wave aimed at achieving a more stable international financial system. much progress has been made in this area, but challenges still remain