, we have to accept that there is no one - size - fitsall solution. this is something we are keenly aware of as we develop our regulatory approach on green and sustainable banking. while we base this approach on international best practices, we also take into account local conditions, recognising that banks in hong kong come in many shapes and sizes, and that their progress in green and sustainable banking varies considerably. we will be flexible, proportionate and inclusive in developing and applying regulatory requirements. it will take time for the less prepared banks to build capacity to address climate - related issues ; we are ready to work with them to help them catch up. at the same time, the fast - movers or market leaders are encouraged to make the most of the work they have already done. building capacity 28. the three transformations – in fintech, cross - border banking, and green finance – are still quite new for hong kong ’ s banking sector. making the most of the opportunities they bring will require changes to work flows and risk management practices by banks, as well as adjustments in our regulatory approach. above all, these changes require a wide spectrum of skills, both specialised and general. this summer, hkib, hkab4 and the hkma have jointly undertaken an exercise to take stock of potential talent gaps in the banking industry. 29. that exercise found gaps in three key areas : technological and data skills ; banking knowledge – especially about the greater bay area ; and specific ‘ soft ’ skills, such as creativity and adaptability. it is, perhaps, no coincidence that these are the very skills needed for managing the three transformations i have described, and for leveraging on the opportunities they offer. shortages in expertise are a worldwide challenge, so we cannot rely on the importing of outside talent alone. developing the skill sets required takes time and effort. over the next few years, our banks, our professional associations and our education institutions will have to devote substantial resources to talent development in these areas. 30. we are now working with the industry to narrow the gaps in capacity. the solutions include the reskilling of existing staff through continuing professional development. importantly, banks need to invest in new talent capable of capitalising on the changes already in progress, and equipped for the challenges that lie ahead. to this end, the hkma will be working with the universities and the other stakeholders to make sure they are aware of the knowledge and skills needed by the banking industry, so that graduates are

such as deafness. the need to devote special attention to diverse perspectives goes beyond ensuring a workplace free from any form of direct or indirect discrimination. it entails reflecting the diversity of the societies we serve. a better understanding of the various needs and experiences in our society helps us to design better and more inclusive policies. in our work on a digital euro, we are seeking to develop a digital means of payment that leaves no one behind. * * * allow me to conclude by reiterating that thorough accountability – as illustrated by your monetary dialogue with madame lagarde and the regular exchanges you had with mr 4 / 5 bis - central bankers'speeches panetta on the digital euro – strengthens both the ecb's legitimacy and the efficacy of its policies. should i be appointed as an executive board member, i would always be willing to engage in dialogue with this honourable committee. this commitment to regular reporting is consistent with the bank of italy's tradition : this year, for instance, i have addressed the italian parliament on several occasions. it would be a privilege for me to join the ecb's executive board, to contribute my experience and commitment to the ecb's mission. it would be an honour to receive your support and serve the citizens of europe that you represent. thank you for your attention. i look forward to your questions. 5 / 5 bis - central bankers'speeches