term price stability. the framework for policy - making in the area of fiscal policy needs to inspire the same level of confidence as the framework for monetary policy. the crisis has shown that reforms to improve fiscal surveillance and control are needed in order to achieve this. these reforms are necessary, and they are under way. looking back, it is a pity that it has taken a crisis for everybody to realise this. looking ahead, i think that everybody now understands. let me close my remarks this morning – which i repeat have no bearing on current monetary policy matters – by recalling that in economic and monetary union we share a common destiny. wir teilen ein gemeinsames schicksal. thank you for your attention.

pan gongsheng : speech - launch ceremony of southbound bond connect speech by mr pan gongsheng, deputy governor of the people's bank of china, at the launch ceremony of southbound bond connect, 28 september 2021. * * * honorable deputy director deng zhonghua, chief executive carrie lam cheng yuetngor, financial secretary paul chan mo - po, deputy director yin zonghua, chief executive eddie yue wai - man, chairman chen siqing, distinguished guests, good morning! in 2017, the northbound trading under the mutual bond market access and connection scheme between the mainland and hong kong ( northbound bond connect ) was launched. since then, the scheme has been functioning smoothly and efficiently for four consecutive years, representing a milestone in the opening - up of china's financial market. built on the solid cooperation between the mainland and hong kong, upon approval of the central government, it is decided to launch the southbound bond connect, facilitating mainland institutions to go out and invest efficiently in hong kong and the global bond markets. this is another major step of the central government toward bolstering hong kong's development and deepening financial cooperation between the mainland and hong kong. here, entrusted by governor yi gang and cpc pbc committee secretary guo shuqing, and on behalf of the people's bank of china ( pbc ), i would like to extend warm congratulations on the launch of the southbound bond connect. china's experience in developing the financial market demonstrates that unswervingly expanding opening - up provides strong driving force and crucial guarantee for building a market - based, law - based, and internationalized financial market, and it is a key move toward enhancing the capabilities of the financial sector in serving the real economy and its international competitiveness. hong kong, as one of the major global financial centers, boasts a highly open business environment, a deep financial market, well - developed financial infrastructure, and an internationalized financial regulatory system, making it a key gateway and bridge for the mainland financial market's opening up. in the past years, we have been working closely with the hong kong monetary authority ( hkma ) and other relevant authorities to continuously optimize the northbound bond connect. on the basis of thorough evaluation, we jointly devised the southbound bond connect scheme. the official launch of the southbound bond connect today denotes that china's bond connect scheme now achieves two - way connectivity. it manifests the central 1 / 2 bis - central bankers'speeches government '