focus on the second type of objectives : the objectives of prevention and better resilience to terms of trade shocks. the first priority to improve prevention and resilience is to create sufficient countercyclical fiscal leeway, by limiting public debt, or even by accumulating budgetary reserves. in this regard, controlling the public payroll, which is the most dynamic item of expenditure in times of growth in many poor and vulnerable countries, as well as improving the efficiency of public spending, are essential. consideration should also be given to setting up fiscal rules on the basis of deficits excluding commodity - related receipts, adopting stricter debt ceilings for the public sector and creating an adequate savings buffer for countercyclical purposes, taking into account the scale and length of commodity price cycles. in countries exporting non - renewable commodities, in particular oil, this savings buffer must be even more substantial since it must aim to cover not only the decline in the value of receipts but also part of the decline in the value of reserves. the second priority concerns the diversification of the economy. industrial policies based on sectoral subsidies or tax expenditures are not viable in the event of a fall in commodity prices and make the policy of diversification pro cyclical. public action should instead focus on improving the business climate, which is the only way to promote entrepreneurship in the formal sector and ultimately improve the country ’ s international attractiveness. diversification is only sustainable if one avoids the dutch syndrome, characterised by an excessive appreciation of the real exchange rate, restricting the growth of other export sectors. the accumulation of external savings contributes to this objective. finally, the third priority concerns the robustness of the financial sector. i will emphasise the importance of measuring, via stress tests, the potential effects of a sharp drop in commodity prices on the solvency of the banking system. these stress tests make it possible to determine the adequate level of bank capital needed to withstand shocks. * * * allow me to conclude briefly by expressing once again my gratitude to all the speakers and participants who came here today to share their thoughts on these crucial issues. i wish you fruitful exchanges and now give the floor to patrick guillaumont. thank you for your attention. 3 / 3 bis central bankers'speeches

supply together – if investors find the right environment. one point is the risk - return profile – which is partly determined by the perceived stability of the macroeconomic environment. this is where central banks have a role to play : price and financial stability are our core mandates. in this context, ladies and gentlemen, international cooperation is again to mutual benefit. one forum for this is the ngfs. it was created in late 2017 to address climate risks, and to align global financial flows with the goals of the paris agreement. from next year onwards, i will chair this network of almost 130 central banks and supervisors from across the world. considering all the demands, needs and expectations central banks are confronted with, it is more important than ever to work hand - in - hand. let me close my remarks : we are all in the same boat. we only have one planet. please, let us collaborate as equal partners. 1 guterres : renewable energy could be the african miracle : guterres - sabc news 2 von der leyen : speech by the president at the african climate summit ( europa. eu ) 3 wmo atlas of mortality and economic losses from weather, climate and water extremes ( 1970 – 2019 ). 4 according tot he south african development community, agriculture employs over 60 % of the population. employment & labour | sadc 5 from ipcc6 s. 1348 : " highest risk to hydropower output is in the zambezi, where the driest scenarios would see a 58 % reduction in revenues relative to a scenario without climate change " 6 ilo report on cyclone idai, 2019. 7 from ipcc6, s. 1350 4 / 4 bis - central bankers'speeches