in hong kong. for example, the securities and futures commission ( sfc ) announced its strategic framework for green finance in september last year and published guidance on enhanced disclosures for green or esg funds earlier in april. the hong kong stock exchange also launched a consultation in may on enhancing esg reporting and disclosure. with these ongoing efforts, we hope to bring sustainable finance in hong kong to the next stage. concluding remarks 23. finally, i would like to emphasise that this is just the beginning of a very long journey. while developments in sustainable finance have been encouraging, we are still at the initial phase of development and a lot more still needs to be done. today ’ s forum is a most welcome opportunity to help prepare for the future. i look forward to working closely together with all of you in our common effort to develop the sustainable finance market. 24. thank you. 4 / 4 bis central bankers'speeches

democracy needs to move with it. this is not just because democracy is a core value of the eu. it is because making policy without adequate representation and accountability does not work. so we need to deepen our economic union and our political union together. and this means strengthening the channels for genuine european democratic legitimacy, like the european parliament. inevitably european democracy will be different. voters in any one country may initially fear that they have less influence over decisions than at present. but it is my belief and certainly what has happened in the monetary policy area that in giving up some formal sovereignty, people will gain in effective sovereignty. they will empower institutions with euro - wide responsibilities able to tackle the pressing problems of jobs and growth – and so their votes may in fact make more of a difference to their lives than they do today. in this way, i trust, we can reconcile those who feel left out, including many of the protesters gathered in frankfurt this week, with a process of integration that has already generated so many benefits for three generations of europeans. let me conclude. this building is a credit to all those who have worked to bring it to fruition. it is a landmark for the city of frankfurt. and it provides the ecb with an impressive new home to pursue its mandate. but it also stands as a powerful symbol of what european integration is about. it reminds us of where we have come from and where we have come to. of the horrors that can happen when we split apart, and the huge steps forward we can make when we work together. so let us not undo what has been achieved. let us not hanker for the past. let us draw on the past to unite us in the present – to build a complete union that can deliver the stability and prosperity we need. we as the central bank will do our part in this process by ensuring the integrity of our single currency. our shared money is the most tangible sign of the trust we place in one another. as the ecb ’ s first president, wim duisenberg, put it at the launch of the euro more than 16 years ago : “ a currency is far more than just a medium of exchange … a currency is also part of the identity of people. it reflects what they have in common, now and in the future. ” thank you for your attention. bis central bankers ’ speeches