). increasing access to finance in this sector is among the eu priorities. it is also true that this portfolio accounted for the highest post - crisis npl ratio in the european union. at its peak, the average npl ratio for small and medium enterprises reached around 20 percent at european union level. in romania, the ratio was 35 percent, while the npl ratio for microenterprises accounted for 53 percent. therefore, the same lesson learnt from the household sector also applies here : the small and medium enterpises ’ financial inclusion should unfold in a sustainable way. on the other hand, the experience with macroprudential instruments for companies is extremely limited at the european level. for example, france has recently implemented a measure focusing on highly indebted firms, but it applies only to large companies. therefore, i think that deepening this area of research is very useful for macroprudential policymakers. in romania we have also tried to come up with solutions that might improve small and medium enterprises ’ financial inclusion. our macroprudential authority – the national committee for macroprudential oversight, comprising representatives from the central bank, the ministry of public finance, and the financial supervisory authority – adopted last year a recommendation to the government, seeking to improve financial discipline in the economy and the financial soundness of firms. i strongly believe that addressing these structural vulnerabilities in the corporate sector will significantly increase the number of bankable firms and enhance the financial inclusion of small and medium enterprises. last, but not least, the climate - related topics have become more and more prominent worldwide. the financial system should not ignore the effects of climate risks. central banks and supervisory authorities have joined the scene. there is a significant interest at eu level in the role of sustainable finance, a high - level expert group on sustainable finance being established by the union. the network for greening the financial system, that brings together 34 members, out of which 8 are central banks and supervisory authorities, highlighted the role of climate risks as a source of financial vulnerabilities. not only the increased frequency and severity of extreme weather can translate into economic and financial losses for the real economy and the financial system, but consequences can also arise from transitioning to a low - carbon economy. governments ’ climate policy, new technologies and consumer preferences will be the main drivers influencing the developments in carbon - intensive sectors. having in mind the important ramifications, a coherent policy mix is needed in order to

play an important role in amplifying or cutting down both. however, macroprudential authorities might not be among the best - suited institutions to deal with such phenomena. the evidence we have so far shows that, in the short term, macroprudential policies may reduce financial inclusion when implementing credit constraints, especially for borrowers that are more vulnerable to possible income or interest rate shocks ( generally, lower - income individuals ). macroprudential instruments like debt service - to - income ( dsti ) or loan - to - value ( ltv ) are very powerful in preserving financial stability, but the access to credit for households from the lower income percentile might be affected. however, in the long run, these macroprudential policies might have a positive contribution to preserving the wealth of borrowers, underpinning also financial inclusion. this is also the romanian experience. when we entered the european union in 2007, we had to get rid of all our macroprudential measures like ltv ( loan - to - value ) or dsti ( debt - service - to - income ), because at that time such instruments were considered to hinder the free movements of capital. we reintroduced these measures in 2009, after the outbreak of the crisis. the bulk of non - performing loans we witnessed came exactly from exposures dating back to the time when the above - mentioned measures had been lifted ( 2007 - 2008 ) and the most affected borrowers were from lower - income buckets. for these individuals, higher access to finance and better financial inclusion in the short run implied over the medium and long term difficulties in repaying debts and, in many cases, negative equity for their balance sheets. our lesson is that improving financial inclusion should take place in a sustainable manner. macroprudential instruments might hurt this inclusion in the short term, but they will support it in the medium and long run. our active involvement in raising the degree of financial education of the population is crucial for reaching the same objective. i am very interested to hear your views and experience on this matter. the first day of our seminar is dedicated to this topic. the second day of the seminar targets mainly the corporate sector. the small and medium enterprises ’ access to finance is also important for financial stability. small and medium enterprises constitute the overwhelming majority ( 99 percent ) of businesses at european level, with important contributions both in terms of value added generated by non - financial corporations ( 57 percent ) and employment ( 67 percent