management, and thus empower the development of local economies and msbs. ladies and gentlemen! the 14th five - year plan period is an important period for china to achieve modernization and build china into a modern socialist country. the five years ahead are critical for deepening economic strategic transformation in china. the financial sector should bear high spirit to continue the centenary prime. we will remain true to our original aspiration, keep our mission firmly in mind, start a new chapter of innovation and development of digital finance, and contribute to promoting common prosperity. to conclude, i wish this forum a complete success. thank you! 4 / 4 bis central bankers'speeches

onbekende naam voor documenteigenschap. first, private risk - sharing between member states should be strengthened. this involves completion of the banking union, by means of a european deposit insurance scheme. furthermore, i look forward to new european commission ’ s proposals to move towards a capital markets union. the potential contribution of these initiatives is multifaceted. in successful monetary unions they bear the brunt of any adjustment to asymmetric shocks, thereby relieving the burden from public sector stabilization policies. they will foster more efficient and sustainable cross - border financing flows, that will support potential growth throughout the euro area. and they will contain the risk of future imbalances. my second recommendation : it would be beneficial if future monetary and fiscal policy would, more so than in the past, move in the same direction. there is mounting evidence that monetary policy can reach it goals faster and with fewer side effects if it is aligned with fiscal policies. the combination of a unidirectional fiscal and monetary policy reaction to changes in economic conditions, can create an environment where both public and private investment can bolster economic recovery and support the growth potential. and thirdly, i should note that, at least at the current juncture, the emu ’ s design remains a compromise between limited risk - sharing and a large degree of individual control and hence accountability. this implies that member states will remain subject to market discipline. and this places a distinct responsibility on the shoulders of member states, to create the preconditions that enable their economies to flourish within the emu framework. judging by various measures of economic competitiveness, including ease - of - doing - business and strength of the legal system, structural and institutional reforms remain necessary to stimulate potential growth. so in short, it is all about addressing institutional imperfections within emu, improving the consistency between fiscal and monetary policies and kick starting structural economic reforms in member states. notwithstanding the political intricacies of these issues, they can only be solved with credible commitment from public policy makers. such commitment would enable the emu to start reaping the economic benefits today from solving the issues that we know we will be facing tomorrow. or in terms of the proverbial can : picking it up today will save us cleaning up an undoubtedly bigger clutter in the future, while living in a tidier place in the meantime. and on that positive note i would like to end my introduction. * * *