I will try to make a short wrap up of the discussion during these two days, by mentioning the main points that came out from the conference. 

In a period when one shock is replaced by another one, policy makers are facing multiple challenges. During the last several months we have seen how quickly inflation can rise, triggered mainly by commodity prices. However, the central banks are fully aware of the current risks. It seems clear that the global economy is moving towards monetary policy tightening (although, as we have seen today there is still ongoing debate), currently mainly to stabilize inflationary expectations and second round impact of rising commodity prices.  

The key to higher sustainable growth is to strengthen the productive capacity of the economies, therefore the structural changes need to continue, more than ever. The ongoing de-globalization requires urgent improvements in the infrastructure, faster and low-cost linkages between trading partners in order to avoid disruptions in value chains, transition to green economy and therefore energy sector transformation and support of green finance, sustainable agriculture, and finally digitalization and consumer protection in order to increase financial inclusion.

The financial sector went relatively well throughout corona crisis, however vigilance is still needed in view of prolonged uncertainty and the new geopolitical risks. In view of higher financial inclusion, the banking, but also non-banking sector should continue to provide options for easier access to finance, especially to SMEs. On the other side, improving managerial practices in SMEs should also contribute to meet eligibility criteria for financing. Special attention is needed on private sector indebtedness, having in mind the ongoing or expected tightening of the financial conditions and in some countries the increase in housing prices.

In the new age, the Central Banks must find the right balance between the current and new Central Banks challenges regarding digitalization, green finance and financial inclusion. In this view, the cooperation and appropriate involvement by the private and non-government sector is crucial. Regarding climate risks, as globally important topic, we realized that private sector initiatives certainly provide support to the climate agenda of the policymakers.

We need to pay attention on the nearshoring potential of the region in a really critical moment of international environment, calling upon appropriate policy action in favor of FDI attraction. As a conclusion, having sound policies and prudent and proactive management in place should make easier to face any unexpected shock and will build more resilient economies across the world, that was actually the main topic of the conference.

In the last couple of years, the macroeconomic and financial topics changed a lot - from taking lessons from the last global financial crisis to facing and managing new crisis and new risks. I hope we fully accommodated to the changed agenda of policy makers currently and that you found the conference and the overall discussion useful. Let me thank to EIB for being co-organizer of this event, for their overall support and engagement. Many thanks to all panelists, presenters, moderators and discussants and the overall organizing team.

Many thanks to all of you who came here and all of you who joined us on-line. Hope to see you again, on our next events.

Thank you!