22. 10. 2020 closing address to the cnmv conference on financial sustainability the cnmv's activity in the area of sustainable finance margarita delgado deputy governor good morning everyone. i would like to thank the national securities market commission ( cnmv ), and in particular its vice - chair, for kindly inviting me to close this conference on sustainability. i regret not being able to attend the presentations over the last two days, but judging by the topics addressed and the quality of the speakers, i am confident that the conference has been a success. i think that it is difficult to find an aim that is more global or shared more widely than the fight against climate change. although this consensus has gradually developed over time, it is clear that it has quickly grown recently. traditionally, this challenge has been addressed through fiscal policies. from a theoretical standpoint, and in the opinion of the banco de espana, these policies continue to be the most suitable for resolving the challenge posed by pollution. more recently, a co2 emissions trading system has been developed in europe, pursuing the same objectives of internalising environmental costs, which is currently being revised. nevertheless, this type of conventional measure has been complemented by other developments. the foremost of these are undoubtedly technological changes and the falling cost of renewable energy production, together with the shift in economic agents'and the public ’ s attitude and awareness as regards sustainability. indeed, in contrast to what usually happens in legislative or transformative processes, the private sector has spearheaded many of the sustainability - related initiatives, such as the development of the green bonds market, arising in response to growing demand for responsible investment, regardless of supervisors. the cooperation of the private sector is also manifest in expert groups, which are helping authorities to define legislation and actions relating to this issue. examples include, in the european arena, the eu high - level group on sustainable finance, set up by the commission in 2018 to advise on sustainability matters ; turning to the financial stability board ( fsb ), the creation of the task force on climate - related financial disclosures ( tcfd ) in 2015 is particularly noteworthy. indeed, regulators and supervisors have also recently stepped up their involvement. and they have done so significantly. this conference organised by the cnmv is a good example of this. as you are all aware, the climate change and energy transition law is in the process of being approved by parliament ; this law envisages that a huge volume of investment ( around €200 billion

hu xiaolian : exchange rate regime reform and monetary policy effectiveness article by ms hu xiaolian, deputy governor of the people ’ s bank of china, beijing, 26 july 2010. * * * the chinese economy is growing rapidly, and is becoming increasingly market - based and more open. as a result, china needs to deal with a much more complicated economic situation. in this context, the ability to conduct macroeconomic management is critical for ensuring sound, rapid and sustainable growth, and the effectiveness of monetary policy has also taken on greater importance. at the current stage of development, china needs to employ monetary policy to accommodate four broad objectives, i. e., price stability, growth, full employment and balanced bop account. exchange rate policy has played a role in achieving these macroeconomic objectives. it also has an impact on china ’ s competitiveness, trade relations and resources allocation. therefore, improving the managed floating exchange rate regime and gradually enhancing exchange rate flexibility will help make monetary policy more flexible and effective, and strengthen the ability to conduct macroeconomic management. i. monetary policy is an important means of macroeconomic management in china monetary policy is one of the important means through which china manages the economy. its effect is transmitted through the financial system, the core of a modern economy. the effect of monetary policy is not limited to one sector or one area. more broadly, it is felt in every part of the economy and affects individual economic behaviors at the micro - level. in this sense, monetary policy carries more system - wide implications and is more systemically important than exchange rate target. monetary policy flexibility and effectiveness are particularly important under china ’ s unique circumstances. as a big developing country undergoing reform and transition, china has to deal with complicated and rapidly changing economic situation, and its macroeconomic policies are therefore designed to meet multiple objectives, such as reform and development. more specifically, monetary policy also has various objectives, including managing inflation, supporting growth, promoting a balanced bop account, boosting employment and facilitating financial reform. this fact highlights the importance of making flexible and effective monetary policies. the chinese economy was put under critical test since the global financial crisis began to unfold in the second half of 2008. to deal with the extremely complicated situation both at home and abroad, the chinese government implemented a proactive fiscal policy and relatively easy monetary policy, and adopted a comprehensive policy package. the economy was among the first to recover in the world. in response to the rapidly changing situation, the chinese government decided