in november 2018. the graph looks at the duration of funding. the line ‘ short term funding small definition ’ is the funding to be repaid within the next 30 days excluding open - maturity items, e. g. retail deposits. sample consists of dutch banks only. secondly, a greater focus was introduced on cross - border activities and consequently cross - border supervision. in europe we even went a step further and introduced joint supervision via the single supervisory mechanism. this strongly increased eu cooperation and harmonization, and improved the quality of supervision of all eu banks. the third improvement was the creation of a resolution regime. the resolution framework is implemented in eu legislation and the single resolution fund is being built up. it is approaching the halfway mark and within the next five years we should be able to reach the target level5. and, finally, supervision is also becoming more forward - looking. this includes, for instance, looking at the kind of corporate culture and conduct that has proven to be able to result in financial troubles further down the road. in the netherlands we were among the frontrunners here. this is not an easy issue to address, but it is gaining traction internationally, as demonstrated by the irish tracker mortgage examination6 and the australian parliamentary review of the four major banks7. this approach is now also an element of the ssm toolkit. the list of improvements is impressive, and worthwhile to consolidate. acknowledging nonetheless that the implementation of the reform agenda is not yet complete, i want to draw your attention to two challenges. the first challenge is confronting regulatory fatigue, and not forgetting the lessons of the crisis. although the crisis broke out only ten years ago, its memories begin to fade and in some corners of the industry a renewed push for deregulation can be heard. also we ourselves on the public side have been working on developing and implementing the reform agenda for close to ten years now. while tremendous progress has been made, the pace of implementation is not equally convincing everywhere. the exact target level of the srf depends on banks ’ covered deposit volume. irish central bank ( 2018 ) mortgage tracker examination australian standing committee on economics review of australia ’ s four major banks, for example, on the reform agenda for banks, the basel committee noted in october 2018 that several member jurisdictions are behind schedule in implementing the leverage ratio, nsfr and large exposure framework. this also hits close to home, as the eu is still working on the implementation of these last three standards. good news is that

boris vuji : resilience, adaptability, and cooperation speech by mr boris vuji, governor of the croatian national bank, at the conference " policymaking in choppy waters : fostering resilience in central, eastern and southeastern europe ( cesee ) ", dubrovnik, 3 june 2023. * * * dear prime minister andrej plenkovi, dear managing director kristalina georgieva, dear ministers, governors, distinguished guests, ladies and gentlemen, good morning to everyone. after a beautiful evening yesterday, that served as a perfect introduction to our gathering, it is my great pleasure to also welcome you to the official part of our conference. as you know, the conference is jointly organized by croatian national bank and the international monetary fund. this is the third biennial conference that we started in 2017, when the md of the fund was my current boss in the governing council of the ecb. at that time neither of us knew that today we would be sitting together in the ecb governing council. that much about the predictability, which has poorly served us on a much grander scale over the last years. so, i would first like to express my sincere gratitude to our imf colleagues for excellent cooperation during the preparation of the conference. we are both happy that we have managed to gather top policy makers and speakers at this beautiful location to talk about very topical issues. my special welcome goes to the imf's managing director kristalina georgieva - it is indeed our great privilege to have you on the conference and to host you for the first time here in dubrovnik. i also thank our prime minister plenkovi for being with us today to open this event and to set the stage for fruitful discussions that will follow. finally, i want to thank all of you for coming here to enrich the conference by sharing your great knowledge and experience with us. last time we gathered here in dubrovnik, on a similar occasion, was in 2019. we had to skip 2021, for the known reason, namely one of the shocks that hit us in this short period of time – the pandemic. i'm happy that we are back here in a better shape than in spring of 2020 most believed we would be at this moment in time. and while the main objective of the conference has not changed much – that is to discuss policies needed to enable sustainable growth and prosperity in central eastern and southeastern europe – the underlying circumstances at that