, are wellequipped to handle these problems. central bank interventions have been effective in avoiding market disruptions, although on longer money - market maturities a substantial premium over official rates has emerged. the turmoil has also shown that in times of stress central banks must be prepared to enhance communication with the markets and to adapt their operational framework to market conditions, taking innovative steps when needed. the recent events have also raised a number of new questions concerning the design of these operations and their communication to the market. first of all, central banks must consider carefully how far they should go in devising new instruments to provide liquidity. in particular, at what conditions should non - deposit - taking institutions be eligible for refinancing operations? another problem is whether, and to what extent, the tools that are appropriate in emergencies should be announced in advance to the market or even used in normal situations. in order to address this issue, we need to analyse the trade - off between greater disclosure – which would acquaint the central bank ’ s counterparties with the non - standard procedures, thus facilitating their use in case of need – and the danger of exacerbating moral hazard, encouraging further risk taking. one more issue on which we need to reflect concerns the measures that serve to make recourse to these instruments less likely. for example, recent experience has made it evident that the characteristics of deposit insurance schemes are key to containing the risk of bank runs and liquidity crises. the role of communication and the benefits of full transparency are also crucial in case of crisis. as the events of the past year have shown, the prompt public announcement by the central bank of interventions to support individual institutions may trigger herd behaviour and exacerbate liquidity problems. it is our communication that will induce either stigma or trust. the need to reach a common understanding of these problems is particularly pressing at the moment. the central banks must intensify their cooperation in order to prevent liquidity crises and ensure a level playing field. enhanced communication and collective monitoring of market developments, with coordinated steps to provide longer - term funds, is of the essence.

50 years, while the world's population has more than doubled. worldwide, economic inequality has been sharply reduced. literally hundreds of millions have been lifted out of extreme poverty. emerging economies have become a key driver of world growth. opening up to trade and to the market economy has allowed demographic giants like china and india to become economic giants, too. in the years following the great financial crisis of 2008, the consolidation of the g20 as the key forum for the global coordination of economic policies seemed to mark the beginning of a new world order. the conviction spread that deeper economic and 1 / 3 bis - central bankers'speeches financial interdependencies would help create the right conditions for peaceful, shared development. over time, however, the race towards integration started to lose momentum. already for some years before 2020, quite a few people, especially in advanced economies, had become increasingly sceptical of, if not openly hostile towards, globalisation. its benefits ( such as the availability of goods and services at a low cost, the impetus to growth coming from emerging countries'demand ) are widespread ; therefore, in spite of their being vast and pervasive, they are barely noted and almost taken for granted. on the other hand, certain costs associated with international integration, especially if they are concentrated in specific population groups, are more salient. there has been a growing perception that the benefits of this process have been unevenly distributed in advanced countries. reflecting this, and perhaps also the increased assertiveness of some large emerging economies, progress in the expansion of international trade and financial agreements had been stalling for years. the negative trend has been reinforced by the twin crises of this decade. the 2020 pandemic highlighted the physical fragility of flows of goods over long distances. even more importantly, russia's invasion of ukraine in 2022 called into question the very principle of peaceful coexistence between nations within internationally recognised borders. it dispelled the illusion that economic interdependencies would deter the emergence of serious armed conflicts. in fact, the war actually showed that dependencies can be'weaponised'to serve political goals. all this has highlighted strategic risks, fuelled dependence anxiety in many countries and caused mounting calls for self - sufficiency in key sectors within'friendly'areas. aiming to maintain the security of strategic supplies and to improve the resilience of value chains is understandable, indeed inevitable given the geo - political realities of today.