##ntial supervision within the single supervisory mechanism, to the extent that it could be useful in establishing the eu - level aml / cft supervision. i would like to highlight that the criteria for identifying the selected entities that will be under the direct supervision of the future aml authority are relatively strict. the commission envisages that only between 12 and 20 obliged entities will meet these criteria. based on its experience, the ecb would strongly support amending these criteria such that a wider pool of obliged entities would be directly supervised by the aml authority, including entities headquartered in each member state. this would promote a common supervisory culture and convergence of aml / cft supervisory practices. also, considering the strict, risk - based nature of the selection criteria, the publication of the list of selected obliged entities would be tantamount to indirectly disclosing the high money laundering risk status of selected supervised entities, sending unintended signals to the markets or creating reputational issues for selected obliged entities directly supervised by the new aml authority. the most prominent element of the ecb opinions is the analysis of the proposed limit to cash payments. while the proposed limit of €10, 000 euro does not appear problematic, the ecb brings several considerations to the attention of the co - legislators with a view to protecting the legal tender status of euro banknotes, in line with the jurisprudence of the court of justice of the eu. let me now hand over to my colleagues who will present the ecb opinions in greater detail. 2 / 2 bis central bankers'speeches

supplying operations ; and ( 3 ) active purchases of exchange - traded funds ( etfs ) and japan real estate investment trusts ( j - reits ). these responses have had positive effects, coupled with the government's measures and efforts by financial institutions. global financial markets are still nervous, but tension has eased. although firms'financial positions have been weak, the environment for external funding, such as the issuance of cp and corporate bonds as well as bank borrowing, has remained accommodative. in response to the covid - 19 shock, the bank has conducted monetary policy with a view to supporting corporate financing and maintaining stability in financial markets. let me explain in some detail why we consider these two points as crucial. the first is with regard to supporting corporate financing. there is a dilemma that the demand stimulus measures for the overall economy could constrain economic activity if they lead to an increase in the number of confirmed cases of covid - 19. given that the spread of covid - 19 continues, demand stimulus measures for targeted areas are effective, since prevention of infection and improvement in economic activity can be achieved simultaneously. in this situation, it is important to prevent firms and sole proprietors affected by covid - 19 from facing difficulties in financing and to provide an environment where they can quickly restart their businesses as covid - 19 subsides. taking into account these points, governments and central banks around the world have focused on protecting businesses and employment in response to the current crisis. the bank has supported corporate financing through the special program with a total size amounting to about 130 trillion yen. the second point regards maintaining stability in financial markets. the economy will fall into a vicious cycle should the following happen : if uncertainties increase over future developments in the economy, financial markets are more likely to become unstable, and turmoil in the markets may negatively affect the real economy through deterioration in firms'and households'sentiment. with a view to preventing this vicious cycle, measures to maintain stability in financial markets are important at the time of a crisis. thus, in the current crisis, the government and central bank of each country have swiftly made policy responses on a large scale, also based on the lessons learned at the time of the gfc. so far, i have explained that the bank has conducted powerful monetary easing with a view to supporting corporate financing and maintaining stability in financial markets, thereby encouraging economic and financial activities. maintaining accommodative financial conditions during the severe economic situation will