, academics, lawyers, other advocacy groups and the general public – all can contribute to raising of industry - wide cg standards through their reports and research. done well, these can also augment market discipline by promoting debates on important cg issues and in educating investors to be discerning. in sum, building a strong cg ecosystem is most effective when there is collective effort involving multiple gatekeepers – beyond the regulators and the boards of companies. to end my remarks, let me also acknowledge, as this forum demonstrates, that many companies have and do take good cg seriously. the care and vigilance put into this effort must continue. i am sure the boards and management of all the firms present here will not rest on your laurels either. and i trust that from your examples as good cg stewards, others will follow likewise. 4 / 4 bis central bankers'speeches

of areas where binding international cooperation offers clear advantages. the government envisages that next autumn a final decision will be made on danish participation in the banking union. what would it mean in terms of anti - money laundering and resolution of failing banks and mortgage credit institutions if denmark joins the banking union, we might ask. page 4 of 6 about anti - money laundering, supervision will still be a matter for the national authorities. when it comes to crisis resolution, the single insurance element of the banking union is important, but the probability that it will be invoked is very low. however, there are a number of other good reasons why denmark should join the banking union. the union has not been established for the sake of the banks but to serve the interests of citizens, firms and financial stability. and it is a further development of the single market for financial services, which strengthens competition. for some banks, this increased competition may not be an advantage. but for citizens and firms it is a clear advantage. the ecb's single supervisory mechanism, ssm, has now existed for four years and has proved to be a strong and capable supervisory authority. the ssm can bring together strong skills and analytical powers. this is necessary for effective supervision of the largest banks, which are complex, operate across borders and use sophisticated models. the ssm does not necessarily give the banks more latitude. but it underpins financial stability. in this context, the parallel to anti - money laundering is also relevant. the cases we have seen illustrate that international activity requires a response in the form of close and binding international collaboration between authorities. the greatest change if denmark joins the banking union will be that danish banks will be subject to the ssm supervisory practices. the impact will be most direct for the large banks, which will be supervised by the ecb via instructions to the danish financial supervisory authority. the smaller banks will still be supervised by the danish financial supervisory authority within a framework defined by the ecb. participation in the banking union will give denmark a say in relation to the single supervisory practice via participation in the ecb's supervisory board. and via the ecb we will have a voice and influence in the basel committee and the financial stability board, which are key bodies in the design of financial regulation. page 5 of 6 those who are against danish participation in the banking union often argue that danish taxpayers and bank customers risk footing the bill if banks in e. g. greece or italy fail. at danmarks national