anselmo teng : development opportunity arising from cross - border rmb business and internationalization of enterprises speech by mr anselmo teng, chairman of the monetary authority of macao, at the forum on “ development opportunity arising from cross - border rmb business and internationalization of enterprises ”, guangzhou, 28 june 2012. * * * the honourable ouyang weimin, vice mayor of the people ’ s government of guangzhou, the honourable ying yujing, secretary - general, monetary policy committee, pboc, the honourbale luo bo chuan, president of pboc guangzhou regional branch, dear guests, ladies and gentlemen, my greetings! i feel delighted to take part in today ’ s forum to share and communicate the ways and means to promote guangdong - macao cross border rmb business. i would like to express my gratitude to the people ’ s bank of china who invited me, and i wish today ’ s forum a huge success. i would first introduce the economic and financial condition of macao. then i would connect it to the main theme of the forum and raise some of my views. i hope you, ladies and gentlemen, would take it as reference and your views are also appreciated. as we all know, macao is a small area with a small economy. however, after its return to the motherland in 1999, under the support of the central government and the leadership of the msar government, coupled with the collective effort of the macao citizens, the overall economy of macao has experienced rapid growth. as an example, in 2011, real growth of macao was 20. 7 % with a per capita gdp equivalent to usd66, 000. growth for the first quarter of this year was still an enviable 18. 4 %. export of tourism services, investment and private sector consumption are the main driving force behind the rapid growth. at the same time, we can perceive the gradual success of policy measures relating to appropriate diversification advocated by the sar government for years. fresh domestic and overseas investments are on the rise, market consumption is growing steadily, service industries, particularly the financial industry, have developed robustly and prospered. as the financing intermediary for all walks of trade, the financial industry has been playing a major role in promoting economic development of macao. when gauged in the context of gdp, the macao financial industry contributes about 8 %. in the macao financial sector, the banking

, fully, comprehensively the decisions taken by the european heads of state and government on 21 july. 4. are you talking about the decisions taken by the european council in july, the ratification of which in some countries, such as germany, is proceeding very slowly? i will not mention any particular country. all 17 countries are called upon to implement all the decisions taken by the heads of state and government. this comprehensive and quick implementation is important, including for the confidence of our fellow citizens. 5. so the idea of european bonds doesn ’ t attract you? some people are convinced that in the current circumstances we need to consider the most innovative and ambitious solutions. as i already said, it ’ s important to note that the efsf is financed through the issuance of bonds guaranteed by the european states. the governing council of the ecb considers that it is important that individual countries feel responsible for their own fiscal policies. at the bis central bankers ’ speeches same time, the council judges it as essential that peer surveillance is conducted in the most rigorous way. since the inception of the euro, we have called for a major strengthening of collegial governance. and long before the crisis, in 2004 and 2005, we defended the stability and growth pact when it was attacked by the big countries of the euro area. the european council, commission and parliament are working on the development of six draft secondary legislation texts to reinforce supervision of economic, fiscal and competitiveness policies. we are in the final stages of negotiations and i urge the parties to reach an agreement as quickly as possible. 6. a few weeks ago, in aachen on the occasion of the charlemagne prize, you launched the idea of a finance minister for europe. how realistic is this proposal? when do you think europe can become a fully fledged federation? i said that not for tomorrow but perhaps for the day after tomorrow the european union could be a confederation of a new type, not like the united states of america, but with a government of the confederation, including a finance minister. but this depends on our people. the people of europe will decide what will be the future of their history. 7. over the past ten years, the ecb has succeeded in maintaining price stability in the euro area. but low inflation has not been enough to avoid the turbulence of these years. in your view, is it enough to monitor inflation? doesn ’ t the crisis perhaps show that, in addition to looking at the euro area as a whole, the ec