The decisions taken on 12 March, which were said to have missed their target, have often been compared unfavourably with the successful “package” of 18 March. However, I want to stress that they are complementary. On 12 March, the ECB decided to make almost EUR 3,000 billion – ¼ of euro area GDP – available to banks through “TLTRO III” operations that provide refinancing at a negative interest rate (that can be as low -0.75% if banks at least maintain their stock of outstanding loans) for an amount of up to 50% of lending to the economy, essentially to ISEs and SMEs. On 18 March, we further decided to launch an exceptional asset purchase envelope of EUR 750 billion for those that obtain their financing through the markets, namely governments and large corporations. This totally unprecedented Pandemic Emergency Purchase Programme (PEPP) aims at avoiding a positive shock on long-term interest rates associated with the exceptional expense of the public health crisis. It also comes on top of the EUR 300 billion of asset purchases that had already been planned. Also unprecedented is that the ECB has thus accorded itself flexibility, where necessary, on three fronts: between public and private sector  Page 4 of 8 securities, between countries for public sector securities, and with regard to the issuer holdings limit of 33% on each public sector security. The Eurosystem also decided, quickly and forcefully, to activate its macro- and microprudential levers to help euro area financial institutions optimise their capacities to finance businesses.

To support philanthropy and non-profit organisations seeking to invest in Asia, the International Organisations Programme Office was set up in 2007 by the Singapore Economic Development Board as a whole-of-government effort to facilitate international organisations planning to locate in Singapore. The Government has also developed supporting physical infrastructure, such as the Tanglin International Centre for clustering and shared services. Connectivity 20. In addition, Singapore has excellent international transport and communications connectivity, and can serve as an intermediary for giving in the region. Our location and stable and safe environment provide international donors with a convenient base from which to oversee their giving in the region. Governance 21. Lastly, we cannot over-emphasise the importance of good governance in charities. Governments are working to address this issue. For example, last year, China launched the China Foundation Centre (CFC) to promote greater transparency and accountability among foundations. But there is still much that countries in Asia can do to improve charity governance. 22. Singapore, too, is working on improving governance. We have put in place a sound regulatory framework and a code of governance to ensure transparency and accountability of our local charity sector. In addition, the National Volunteer and Philanthropy Centre will also be introducing an independent charity analysis system this year. Conclusion 23. In closing, I would like to say that philanthropy makes the world a better place. It balances our emphasis on economic growth and the pursuit of profits with our warm, human side.