the financial system. but they ’ ve only tackled tax havens and traders ’ bonuses. not much of a review, is it? jean - claude trichet : there is a global consensus among industrialised countries and emerging economies, first, that the principles of the market economy remain the best way of creating wealth, second, that the global system has to be a lot less fragile and much more robust and resilient and, third, that the best methodology consists in working together in the g20, the financial stability board and, in particular, the basel committee. we have an obligation to achieve results. our democracies would not forgive us if, in the future, we had another crisis as deep as the one we experienced in 2008 and 2009. we ’ re not looking for scapegoats. we have to strengthen, systematically and methodically, the frailties of the global financial system. those who say that once the storm has passed, we should return to “ business as usual ” are grossly mistaken. that ’ s not the way we will achieve growth and create the jobs that are so necessary. le point : would you, for example, be in favour of the creation of a european rating agency? jean - claude trichet : it is true that rating agencies have a great deal of influence. it is not ideal to have a global oligopoly of just three agencies. that said, artificial creations must always be avoided. we are closely monitoring this issue. le point : and the creation of a european monetary fund ( emf )? jean - claude trichet : the governing council of the ecb has not yet taken a position on this issue. i will only say that, if my understanding is correct, this would be a possible source of financing, subject to extremely strict conditions and without constituting any form of subsidy, that would aim to prevent phenomena that could cause financial instability in a euro area country. it would not be a monetary entity, so that adjective does not seem appropriate to me. in any case, i believe that the activity of such a fund, if created, should be strictly controlled and confined to cases of an extremely serious and specific threat. but i would repeat that the governing council of the ecb has not yet taken a position on this issue. le point : could a scenario be envisaged in which a country is no longer able to meet its obligations and leaves the euro area? jean - claude trichet : i have always

of virtual banks in hong kong would also provide additional impetus to the application of fintech in hong kong and offer a new kind of customer experience in mobile and digital banking. given the recent developments in fintech and the evolution of digital banking, we will shortly be consulting the industry and the fintech community on whether and if so how the guide to authorization of virtual banks promulgated in 2000 should be amended to suit the present day circumstances. ( d ) banking made easy another component of the new smart banking era is our “ banking made easy ” initiative. we will set up a new task force within the hkma and work with the banking industry to identify and, where appropriate, modify or streamline those regulatory requirements or processes that may hinder technological innovations. we will seek to clarify regulatory expectations, review our own guidance and rules to make them more user friendly, thereby facilitating innovations in products and services for better customer experience. remote onboarding of customers and account maintenance are two such examples in which the use of new technology may lower operating costs and improve customer experience. we will also initiate legislative changes in our antimoney laundering laws and regulations so that a more risk - sensitive approach to remote customer onboarding can be undertaken. we and the hong kong association of banks are now studying how to use know - your - customer ( kyc ) utility to conduct customer due diligence processes more efficiently. the hkma is also considering the introduction of multiple tiers of bank accounts so that the process required for opening accounts for the low risk banking services can be simplified. in addition to customer onboarding and account maintenance, banking made easy would seek to facilitate the use of technology in the areas of online finance, online wealth management and robo advisers. ( e ) open api the hkma is currently consulting the banking industry to formulate a framework for facilitating the development of open api. in the context of banks, open api refers to a set of publicly available coding that enables recognised third - party service providers, with the consent of the customers 4 / 6 bis central bankers'speeches concerned where appropriate, to connect to, and conduct data exchange with, the it systems of the banks. open api can serve many purposes. for example, it may allow users of online discussion forums and social media platforms to obtain information about products and services of banks for comparison and analysis. many lifestyle websites and mobile apps may make use of open api to integrate banks ’ foreign exchange and payment services to offer end - to - end