have helped the stressed banks. the lcr should not be considered a tool in isolation to measure and address liquidity and funding risks. to the contrary, the 1 / 3 bis - central bankers'speeches turbulence this spring shows that the basel framework – which has regulatory and supervisory pillars – needs to be seen and be implemented, in its entirety. for example, in the ecb, the check of regulatory measures such as the lcr is complemented by additional supervisory liquidity risk monitoring. a third and important lesson from the recent episode is that trust issues can develop and spread more quickly in the digital age. bank runs can happen faster than in the past. this makes it even more important to have bank managers'commitment to sound bank business models, because they are a precondition for trust. bank management matters in establishing trust in business models. we need a tough rulebook which allows supervisors to check and react to bank management - related issues. priorities for the banking package coming to the topic of today, what should we focus on for finalising the eu banking package? two key priorities emerge from the above learnings. first, only strong rules will lead to strong banks. i am particularly concerned about those areas where the legislation proposals for the capital requirements regulation ( crr3 ) would deviate from basel iii – especially on the risk - weights for loans to unrated corporates. these deviations lower the impact of the output floor on banks'required capital. in fact, on average, all proposed deviations together would more than halve the effect of the introduction of the output floor on banks'required regulatory capital, and even lower the required regulatory capital for some banks compared to the status quo. it is of particular concern that in some of the proposals these deviations are even suggested to be made permanent. watering down the safeguards provided by agreed global standards now would send a detrimental message not only on the future resilience of eu banks, but also regarding the eu's commitment to international agreements. a similarly concerning issue is the intention by some trilogue parties to reintroduce prudential filters on the accounting of unrealised losses on government bonds. these have been in place in the eu until the end of 2022 on account of a systemic exemption during the pandemic crisis. they need to be strictly limited to exceptional crises times and now is not the time to reintroduce them. as a second priority, i call on you to empower and

yi gang : green finance and climate policy opening remarks by mr yi gang, governor of the people's bank of china, at a high - level seminar on " green finance and climate policy ", co - hosted by the people's bank of china and the international monetary fund, 15 april 2021. * * * madame managing director, ladies and gentleman, good morning and good evening. it gives me great pleasure to co - host this high - level seminar on “ green finance and climate policy ” with the imf. i wish to begin by extending a warm welcome to all the participants on behalf of the pbc. the international community is forming a broad consensus on tackling climate change. china has announced the goal of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, also known as the 30 / 60 goal. this requires a comprehensive economic transition, and green finance can be an accelerator in this process. the pbc attaches great importance to green finance. in 2016, we led the effort in drafting the guidance on building a green financial system and developed a specific timetable and a roadmap for this purpose. by making sure that all the policies are implemented, we have put in place an initial policy framework for green finance. as a result, china ’ s green finance market has since enjoyed fast development. by the end of 2020, green loans and green bonds in china totalled 1. 8 trillion us dollars and 125 billion us dollars respectively, ranking as the world ’ s largest and second largest. more than 40 carbon neutral bonds have been issued, with a total volume of over 10 billion us dollars. the 30 / 60 goal has set a higher bar for the financial sector. to meet this goal, we need to overcome a host of challenges. first, on the society front, public awareness of emission reduction has to be raised. second, on the market front, the carbon market has to play a greater role in price discovery. only when carbon emission is priced in, can we achieve effective resources allocation. china ’ s carbon market is still in its initial stage, and its financial nature needs to be further clarified. third, on the institutional front, climate information disclosure needs to be improved. the disclosure should be expanded to cover listed companies, financial institutions and other market players, and move from a voluntary to a compulsory basis. fourth, on the risk management front, there needs to be greater attention to the fossil fuelrelated transition risks. fossil fuels, mainly coal