##bank we have studied this aspect closely. the heart of the matter is the joint liability of banking union participants and the likelihood that it will be invoked. our reply is that the structure of the banking union means that joint liability will apply only in very extreme loss scenarios. the joint liability is a kind of insurance against disaster, it will not result in regular flows of funds between banking union member states. we are not the only ones who are concerned about ending up with bills that others ought to pay. the very structure of the banking union and the practice that has characterised the euro area member states'handling of the euro debt crisis reflect precisely these concerns. very large and very influential euro area players share our views and will ensure that we do not move too far in the wrong direction. reluctance to transfer funds between member states has been seen in connection with the crises resolved within the banking union until now. most recently, we have seen that italy has provided government support – but without the use of funds from other member states. the joint liability which is already part of the banking union in the form of the single resolution fund, srf, being built up also contains protective elements. this means that a loss scenario must reach a very late stage before the srf can be activated. and finally, it has also been established that a single deposit insurance scheme will apply in connection with extremely large losses only. irrespective of how this single deposit insurance scheme is designed. this does not mean that the single insurance elements do not matter. but it means that they should not be conclusive arguments for or against danish participation in the banking union. let me sum up what i have said by emphasising that rule - based international cooperation is the best solution to cross - border challenges. not least for a small country like denmark. thank you. page 6 of 6

ecb ’ s governing council has taken further decisive monetary policy measures to support the economy during its gradual reopening and to safeguard medium - term price stability. we recalibrated the pandemic emergency purchase programme ( pepp ), increasing its size by €600 billion in june to a total of €1. 35 trillion, and extending its duration until at least the end of june 2021 and, in any case, until the governing council judges that the coronavirus crisis phase is over. moreover, we decided to reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2022. the pepp purchases aim to ensure the smooth transmission of our monetary policy across all sectors and euro area jurisdictions and to ease the overall monetary policy stance, helping to offset the downward impact of the pandemic on the projected path of inflation. in addition, we further eased the terms and conditions for accessing central bank liquidity under 1 / 3 bis central bankers'speeches our third targeted longer - term refinancing operations programme ( tltro iii ) to strengthen the incentives for banks to continue lending to the real economy. this was accompanied by an easing of collateral requirements to ensure that banks can make full use of these operations. for a year, banks will be able to borrow at negative rates, which can be as low as – 1 %, on the condition that they lend to the economy. largely in response to this recalibration, we have seen a very high take - up in our operations by banks, which has translated to a continued flow of credit to households and firms and kept lending rates at historic low levels. moreover, we decided to conduct a new series of seven pandemic emergency longer - term refinancing operations ( peltros ) to provide liquidity support to the euro area financial system and help to preserve the smooth functioning of money markets by providing an effective backstop following the expiry of the bridge longer - term refinancing operations ( ltros ) conducted since march 2020. overall, the monetary policy measures we have taken since early march are providing crucial support to the economy, supporting access to financing, including for those most affected by the spread of the pandemic, and contributing to maintaining favourable financing conditions for all sectors and jurisdictions. in the current environment of elevated uncertainty, the governing council will carefully assess all incoming information, including developments in the exchange rate, with regard to its implications