equity and venture capital, or hybrid forms of financing are readily available. so these funding options – ideally of a cross - border variety – should be top of the capital market agenda, in germany and elsewhere in the euro area. 5 conclusion ladies and gentlemen, allow me to stop here and conclude. first, during the pandemic, central bank support helped prevent a negative feedback loop between the financial system and the real economy. but, secondly, emergency measures need to be scaled back once the emergency is over. and third, the pandemic is teaching us that in order to be future - proof, economies have to be fast and innovative in adapting to a new environment. against this background, the pandemic crisis needs to be a strong push to make european capital markets true drivers of real economic innovation. and german companies need to put their funding side on a broader basis. many thanks for your attention. 2 / 2 bis central bankers'speeches

credit growth in the range of 19 % – 21 %. 65. to encourage the growth of micro -, small - and medium - scale business credit ( umkm ), bank indonesia requires banks to include micro -, small - and mediumscale business financing scheme in their business plan. let me take this opportunity to thank all stakeholders who have supported the initiative of synergy through the commercial banks – rural banks linkage program, and the initiative of using guarantee schemes as one of risk mitigation efforts. 66. to increase the role of rural banks in micro -, small - and medium - scale business credit sector and the communities in their vicinities, particularly lower and middle class society, adjustments in the asset quality rules are applied to obtain a more encouraging atmosphere, hitherto creating an agile rural bank sectors without neglecting the prudential credit principles. likewise, redesigning the rural banks efficiency, specifically on how to substantially reduce lending rates, is profoundly necessary. 67. to strengthen the regional economic development, bpd regional champion program is launched to help boosting up the role of regional development banks ( bpds ). the program is aimed to improve the viability and competitiveness of regional development banks ; hence they can effectively perform their function as agents of development in the regions. 68. related efforts in improving the quality of national islamic banking industry, i view that there are 3 respective aspects to take into consideration : ( i ) improving the professionalism and the quantity of manpower in the industry, ( ii ) providing robust and sound incentives, especially in the form of conducive regulatory environment, bis central bankers ’ speeches and ( iii ) strengthening product innovation and infrastructure in islamic banking industries. distinguished guests, ladies and gentlemen, 69. of various opportunities and problems arising in 2010, bank indonesia has issued the december 2010 policy package. its main objective is to strengthen and improve macroeconomic stability as well as banking resilience and intermediation. 70. an improved bank intermediation policy seeks to ensure the availability of supplies through the deepening of the market ( home ownership loans ( kpr ) securitization provisions ), to create competitive loan costs ( provision of transparency base rate loans ), to adjust credit risk weighting of retail and kmk ( provision rwa ) as well as to reduce asymmetric information with the provision of credit information data ( private credit bureau requirements ). in addition, to extend the scope and depth of intermediation, enormous