central bankers'speeches policies in euro area countries needs to be substantially stepped up to boost euro area productivity and growth potential, reduce structural unemployment and increase resilience. the 2019 country - specific recommendations should serve as the relevant signpost. regarding fiscal policies, the euro area fiscal stance is expected to remain mildly expansionary in 2020, thus providing support to economic activity. in view of the weakened economic outlook, the governing council welcomes the eurogroup ’ s call for differentiated fiscal responses and its readiness to coordinate. governments with fiscal space should be ready to act in an effective and timely manner. in countries where public debt is high, governments need to pursue prudent policies and meet structural balance targets, which will create the conditions for automatic stabilisers to operate freely. all countries should intensify their efforts to achieve a more growthfriendly composition of public finances. likewise, the transparent and consistent implementation of the european union ’ s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. improving the functioning of economic and monetary union remains a priority. the governing council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches

together with others aimed, for instance, at increasing competition in product markets, or at making it easier for rural residents to move to china ’ s cities, should help the economy to rebalance away from investment and towards domestic consumption. from a global point of view, that is a welcome step. efficient domestic financial markets are also a prerequisite for a further liberalisation of crossborder financial flows, in particular investment flows. currently, opportunities are limited to a number of quota - based investment schemes. in december 2013, the governor of the people ’ s bank of china ( pboc ), mr zhou xiaochuan, confirmed that cross - border investment transactions will be gradually liberalised and the quota - based system in use today ultimately abolished. nonetheless, market participants should not expect the opening - up process to be absolutely smooth, and neither should they think that periods of increased volatility can be entirely avoided. they should keep a close eye on and adequately provide for the risks inherent in the onshore renminbi asset exposures they take. integrating the renminbi in the global financial system let me now turn to the internationalisation of the renminbi. the scope for its usage in international trade transactions is significant as china accounts for around 9 % of global trade in goods and services, surpassed only by the united states, which accounts for around 12 %. according to market participants, a third of china ’ s total trade will be settled in its currency by 2015. in addition, several other important developments have increased the usage of renminbi for investment purposes : ( i ) the currency is already available to the corporate sector. apart from accumulating the currency through trade, companies can also issue renminbi - denominated bonds in hong kong ( also known as dim sum bonds ) and borrow renminbi directly from banks in hong kong ; ( ii ) the pboc has already concluded currency swap agreements with 24 foreign central banks, totalling about cny 2. 6 trillion ( around €317 billion ). on 8 october 2013 the ecb and the pboc established a bilateral currency swap agreement with a maximum size of €45 billion ; ( iii ) offshore renminbi centres are progressing quickly ; and ( iv ) domestic financial markets are continuing to develop. the large state banks have all been listed, the number of institutional investors is rising and the market is becoming more diversified and liquid, paving the way for further participation by foreign investors. bis central