world economy throughout most of history. second, although the fiscal position of china was sound, other vulnerabilities have been disclosed. a growth model that is highly concentrated on exports is at risk when external demand drops sharply. a broadening of the macro economic policies would reduce this exposure. the growth model, thus, would become more sustainable. tackling this issue would also be a contribution to deal with global imbalances. one step on this way for sustainable growth and an orderly rebalanced global economy could be the enhancement of social safety nets. a coherent system of reforms of social security, health care and pension schemes would reduce the need for precautionary savings of private households and could thus stimulate private spending. this holds in particular for the challenge of an ageing society. a shift from economic activity from the public to the private sector would be helpful in this respect, just like corporate governance and financial sector reforms, or a reflection on local government finance. there are some encouraging indications that measures to increase household income, notably in rural areas, expected to feature prominently the new five - year plan starting in january 2010. this could be an important contribution to a broadening the chinese economic approach, and to move to a more quality oriented growth. concluding remarks i am convinced that cooperation between the major players in the world economy is crucial. to tackle global imbalances, each continent has to do its homework. for china, continuing the rebalancing process from external to domestic demand, from huge public enterprises to private enterprises, demographic ageing and dispersion are no less challenging. in such an environment the increased role of the renminbi will be one part. the european union must resume the path of institutional deepening. it needs less divergence and more structural reforms to enhance growth and employment. also, enhanced stability in the financial sector is of the essence. we must furthermore strengthen the economic governance of the european union with reforms designed to a stable euro and strengthen the foundations for sustainable public finances. in such a surrounding the euro can and will stay a credible currency. to sum up, both economic areas have – to use the word of premier wen jiabao who spoke recently in tianjin – to undertake efforts to ensure, first, better balance, second, coordination and, third, sustainability of economic development.

intelligence will deliver its conclusion by end of this year. finally, as we are doing with today ’ s conference, we are seeking insights from economic research and trying to be a platform for open debate. i wish you fruitful discussions, and now give the floor to david andolfatto, vice president at the federal reserve of saint - louis, for his keynote lecture. 1 exemples : ant financial ( alibaba group ’ s financial services ), tencent, amazon, apple, facebook. see ztezsche, buckley, arner, barberis 2017, “ from fintech to techfin : the regulatory challenges of data - driven finance ” 2 e. g. : financial conduct, price manipulation, market integrity risks or money - laundering. 3 madre 4 / 4 bis central bankers'speeches