ladies and gentlemen, i hope one thing has become obvious from my short remarks : the european banking union, while being an important step, will require a lot of work in its implementation and in the process will require a lot of further thinking, creative problem solving and persistent work. i am confident that today ’ s and tomorrow ’ s distinguished lineup of speakers will shed light on a number of challenges that have yet to be tackled on the road toward full banking union. i very much look forward to two days of lively discussions with all of you, given the multitude of perspectives represented here. i hope you will find our conference useful and insightful. bis central bankers ’ speeches

“ interests and alliances ” opening remarks by klaas knot at the suerf conference ‘ forging a new future between the uk and the eu ’ amsterdam, 8 january 2020 the suerf conference of january 2020 brought together thought leaders from policy making, academia and industry, to discuss the economic implications of some of the challenges uncovered by brexit and other recent events on both sides of the channel. because the conference was held at de nederlandsche bank in amsterdam, klaas knot was invited for an opening keynote speech. in it, mr knot offered an optimistic view on the future relationship between the uk and the eu, based on the shared interests and the current and possible future alliances. it is my pleasure to welcome you all here at the dutch central bank. and a special welcome to our distinguished speakers and panelists. a new year, a new decade, and a good moment to discuss the future relationship between the eu and the uk. indeed, political developments over the coming months will be vital in shaping this new relationship. henry kissinger – the former us secretary of state, famously said that “ america has no permanent friends or enemies, only interests. this echoes what lord palmerston – the 19th century uk prime minister – once said : “ the uk does not have eternal allies, nor perpetual enemies, but eternal and perpetual interests. ” let me now fast forward to today ’ s world of brexit. obviously, a politician or political party can persuade people to vote to leave the european union. a member state can decide to abandon a treaty, or to withdraw from an agreement. every nation has its own - sometimes narrow - political interests. these interests clearly matter over the course of history, and they probably will continue to do so for a long time to come. when kissinger and palmerston contemplated the alliances and interests of nations, they of course considered that the interests of nations can diverge. and alliances could therefore be temporary. but let us now take a different perspective. a perspective that also rings true. and which offers us a more optimistic view. first, nations do not just have divergent or competing interests, but also enduring common interests. indeed, the eu and the uk continue to face very similar challenges and opportunities. some of which will be discussed today and to which i will return shortly. second, alliances may indeed be temporary, such as the uk ’ s membership of the european union. but at the same time, other alliances between the eu and the uk