achieve carbon neutrality before 2060. ” financial policies should concentrate on this major strategic arrangement and thoroughly implement the new development philosophy. we will actively improve the policy framework, and work closely with policy makers in fiscal, industrial, employment and sci - tech respects, so as to boost the green recovery and development of our economy. second, the sound monetary policy will be pursued in a more flexible, appropriate and targeted manner. monetary policy should balance between ensuring stable growth and preventing risks, avoid both capital strains and overflows in the market, and keep money supply basically in line with the nominal gdp growth which reflects potential output. we will make best efforts to maintain a normal monetary policy for a long time, as well as a normal, upward sloping yield curve, and provide positive incentives for economic entities. this will be generally conducive to the sustainable economic and social development, as well as the global competitiveness of rmb assets. it will help us to make sound use of both overseas and domestic markets and resources. the macro leverage ratio has risen during the special period of pandemic containment this year, but it will be more stable when the gdp growth picks up next year. the monetary policy needs to ensure that the valve on aggregate monetary supply is well controlled and smooth out the fluctuations of macro leverage ratio as appropriate, so as to keep it on a reasonable track in the long run. in recent years, the pbc has resolutely implemented the decisions and arrangements made by the cpc central committee and the state council and actively supported the development of beijing as a national financial management center by launching first in beijing the regulation pilot program of fintech innovation and the pilot reform of rmb and foreign currency account integration, which truly facilitated the building of four centers ( the cultural, political, international exchange, and science and technology innovation centers as beijing ’ s major functions. this year, the pbc has increased central bank lending quotas four times for beijing ’ s rural development and msbs and raised central bank discounts quotas three times, sparing no efforts to meet the demands for pandemic containment and economic recovery of the capital. 3 / 4 bis central bankers'speeches next, the pbc will firmly implement the message of the speech delivered by vice premier liu he, continue to support beijing in developing a national integrated demonstration zone for greater openness in the service sector and a free trade experimental zone, bolster up the construction of the zhongguancun sci - tech innovation

speech by member of the board of governors per callesen, danmarks nationalbank at finance denmark's executive conference, 3 september 2018 the european banking union in perspective – is there risk sharing and joint liability? check against delivery thank you for inviting me to speak. many of us who are present today had an opportunity to focus on the economy at the annual meeting of the association of local banks a few months ago. so i will provide only a brief summary – without any figures. instead, my presentation will be about international cooperation and specifically the european banking sector and the reinforced banking cooperation, also known as the banking union. i will not cover all aspects of this topic, but will focus on the issue of risk sharing, i. e. whether some institutions will be liable for the debts of others. the main conclusions will be : ( 1 ) the economy and financial stability are still on a steady course. ( 2 ) international rule - based cooperation is under pressure. that gives cause for concern and emphasises the need to protect the cooperation that exists and that we are able to participate in. as regards the banking union and the euro area, a clear picture is emerging – so far and looking ahead – of very limited money transfers between member states. in other words, there is limited risk sharing and joint liability. some europeans lament this, and there are arguments both for and against risk sharing, but there are good reasons why the institutions have been designed as they have. the economic and financial situation four short remarks about the economic and financial situation : firstly : the economic recovery has been successful until now. it has been carefully nurtured with reforms and what we might call macroprudential nudging. we have avoided a situation where government and parliament have lost patience. consumers and investors are spending money earned side 1 af 9 3 september 2018 rather than borrowed on consumption and investment. and this time around, banks have been more hesitant to grant risky credits. in short, we have not seen a fiscal or credit expansion with a resultant boom and bust cycle this time. we must ensure that this continues. so, secondly, our imbalances are small. we also have a large current account surplus. when the economy reverses – as it will, although we do not know how and when – domestic factors need not trigger a deep recession. but there are major external risks linked to the procyclical fiscal boost in the usa, something as old - fashioned as trade restrictions, as well