for workers and retains jobs while the path of the virus remains unclear. sme debt : many smes are continuing to avail of a wide array of government supports such as tax warehousing and the waiving of local rates. surveys suggest that commercial rents and trade credit invoices remain unpaid in many places. even with government fiscal support and other such flexibility shown across the system, the sheer extent of the pandemic - related shock means that debt repayment will be difficult for many smes. the central bank has prioritised mortgage and sme debt in its engagement with lenders and outlined its expectations in terms of the approach that lenders should be taking to support all borrowers whose incomes have been affected by covid - 19. lender support for borrowers is moving from a system - wide approach of one - size fits all payment moratoria to an individual approach, where the support should be tailored to the individual borrower ’ s needs, and in line with relevant codes and regulations including regulations for firms lending to smes. we expect lenders to work with borrowers during and after the payment breaks to help assess the impacts of the pandemic on current and future cash flows and to provide interim supports where those impacts are considered temporary and more permanent solutions where the debt servicing capacity has been materially reduced. https : / / www. centralbank. ie / news / article / speech - braving - the - storm - ed - sibley - 4 - nov - 20 4 / 7 06 / 11 / 2020 “ braving the storm : the unprecedented challenges facing smes ” - deputy governor ed sibley unfortunately, not all businesses will survive the economic shock caused by the pandemic and the associated changes in their customers ’ behaviours. there is an opportunity and an obligation on banks to demonstrate how they have changed over the last decade by taking a borrower friendly approach to supporting as many borrowers as practical to survive. the central bank ’ s intrusive supervision of all lenders is focused on this outcome. it is also important that smes recognise the challenges they face and engage early with their lenders to find sustainable solutions. business interruption insurance – we recognise that covid - 19 has placed significant pressure on many smes and that they need clarity on this issue. for example, some policies cover business interruption relate to covid - 19 ; other policies do not ; and some policies are unclear as to whether cover extends to covid - 19.

jean - claude trichet : euro prospects and international financial reforms speech by mr jean - claude trichet, governor of the banque de france, at the 21st century forum, sponsored by the national committee chinese people ’ s consultative conference, held in beijing, on 15 june 2000. * * * it is a great privilege to participate in such an extraordinary forum. i want to express all my gratitude to the national committee chinese people ’ s consultative conference, and particularly its chairman, for having sponsored this 21st century forum, here in beijing. let me take this opportunity to present some views on international issues. i would like to focus on two major topics, – the international financial architecture and its necessary evolution ; – the economic strengths and scope for further progress in the euro area. both topics are in fact related : both have a bearing on the future of the international monetary and financial system ; both illustrate the worldwide efforts to build more stable economic and monetary relationships in an increasingly globalized world. 1. let ’ s consider first the international financial architecture several complex issues, often inter - related, are currently at stake. on each of them, the eurosystem ( i. e. the european central bank - ecb - and the eleven national central banks - ncbs - of the euro area ) have elaborated a common view. it is this common view that i will present to you now as i have had occasions of presenting it, as the position of banque de france, in the last g vii meeting, last april. i see five major points that are of systemic interest : – the orderly liberalization of capital movements ; – the question of reserve and debt management ; – the key issue of transparency ; – the question of the moral hazard associated with private sector involvement ; – and finally the choice of the exchange rate regime. 1. 1 orderly liberalization of capital movements the liberalization of capital movements benefits both individual countries and the world economy : it enhances long - term growth potential and improves savings / investments allocation. however, the two following principles need to be carefully taken into account in order to minimize risks : – the restructuring of domestic financial systems and the strengthening of domestic regulatory and supervisory frameworks are preconditions of utmost importance : emerging economies should bring their domestic financial systems into line with regulatory and supervisory minimum requirements prevailing in mature economies. in that respect, the international community plays an important role through the financial stability forum, the implementation of standards such as the “ core principles for effective banking supervision