, science and literature, and inspired magnificent progress in all these areas. it was a way of thinking that emanated from a renewed interest in the art and values of classical antiquity, as well as from a drive to understand the world and change it. it was in such a context that there emerged the scientific revolution, and the works of francis bacon and john locke, among others. the renaissance also sowed the seeds for the upcoming movements of neoclassicism and, of course, the enlightenment. neoclassicism was born in rome in the 18th century, after the discovery of pompeii and herculaneum, but its popularity spread all over europe, as a generation of europeans, who visited italy as part of their grand tour, returned home with newly refound greco - roman ideals. the primary neoclassical belief was that art should express the ideal virtues in life, which were aligned with ancient greek ideas, such as purity and simplicity of form, decorum, verisimilitude or realism, and should serve a purpose. art was also seen as 2 / 4 bis - central bankers'speeches capable of improving the viewer by imparting a moralising message that resonated with these ancient ideas. neoclassicism in its most part coincided with the enlightenment, which centred around ideas such as the value of human happiness, the pursuit of knowledge obtained by means of reason and the evidence of the senses, and also ideals such as natural law, liberty, progress, tolerance, fraternity, constitutional government, etc. of course, our world today is very different from that of the golden age of athenian democracy. however, important dimensions of the bond that unites us, as europeans, harken back to ideas and developments which first emerged, albeit in fledgling form, in the streets, groves and civic meeting places surrounding the acropolis of athens. so, as europeans today, we believe in democracy, we strive for science and knowledge, we have faith in human accomplishment, we admire beauty, we go after excellence. certainly, our contemporary european values have also been enriched with fresh ideas, new trends and norms. the contemporary world has been shaped by multiple revolutions and long processes of evolution, producing often disruptive, but mostly positive, change which could not have been imaginable in 5th - century athens. this is not to say that there aren't other aspects, emerging from ancient greece, that could serve as points of inspiration today. the victory after the naval

all, if it becomes revealed to the market that a financial institution is to be treated as a sifi, this could in fact induce moral hazard. in addition, looking back at the experience of japan ’ s financial crisis, whether an institution is systemically important or not depends on the condition of the financial system, and also on the effectiveness of the existing resolution regime. furthermore, considering the essence of the moral hazard problem, the question of how to deal with sifis needs to be contemplated from various perspectives. for example, we need to take into account perspectives on containing the crisis as well as preventing it, and the balance between regulation and supervision. to be specific, capital surcharges should not be the only measure for dealing with sifis. there are many, not mutually exclusive, alternatives to capital surcharges, such as liquidity surcharges, strengthened supervision, and improvements in resolvability. i believe it would be appropriate for each country to choose the best practice from such measures or their combinations, depending on the environment surrounding its own financial system. balance in the size of financial safety nets among jurisdictions ; need for global coordination thirdly, balance in the size of financial safety nets is needed among jurisdictions. with the globalization of financial institutions ’ operations, they have become more interconnected. likewise, households now have more foreign assets such as foreign currency deposits and foreign bonds. these circumstances indicate the increasing importance of having a crossborder perspective when developing financial safety nets. for example, regarding deposit insurance, a large - scale deposit shift between countries in europe was observed in the fall of 2008 due to gaps in deposit insurance coverage. some asian countries raised their coverage limits in order to maintain the competitiveness of their banks. these examples demonstrate the importance of global coordination in the designing of deposit insurance. another issue revealed in the aftermath of the failure of lehman brothers is the need for a resolution regime that facilitates the orderly wind - down of failing financial institutions in a cross - border context. obviously, each country ’ s legal system depends substantially on its particular social framework, and convergence of resolution regimes is not easy. it is also not necessarily appropriate. however, it is becoming more important for authorities to have a good understanding of their respective resolution regimes and to communicate closely in the actual resolution process. in the aftermath of the recent crisis, the establishment of crisis management groups among supervisory authorities and central banks for internationally active financial institutions has been an important step forward in this regard