variable remuneration below a conservative threshold. in the medium term, after the covid - 19 crisis, it will be important to look holistically at the capital framework with a view to simplifying it and removing potential obstacles to its effectiveness. the non - bank financial sector needs to be made more resilient through regulatory reforms, given the 2 / 3 bis central bankers'speeches growing role of non - bank financial institutions in financing the real economy and their interlinkages with the rest of the financial system. international crisis response as national authorities continue to take the necessary steps to fight the pandemic, global cooperation and resource and knowledge - sharing across nations remain vital. addressing international trade disruptions, preserving trade openness and ensuring universal access to vaccines and treatments will be of paramount importance for a durable global economic recovery. global cooperation has been instrumental in our response to the pandemic so far. on the central banking side, this includes the coordinated action by major central banks, including the ecb, to enhance the provision of us dollar liquidity at the onset of the crisis. in addition, the ecb ’ s agreements on bilateral euro swap and repo line arrangements with some eu and eu neighbouring countries ’ central banks to prevent euro liquidity shortages from morphing into financial stability risks and to support the smooth transmission of monetary policy. support to the most vulnerable countries, including through the g20 debt service suspension initiative and the establishment of the common framework for debt treatments, has also shown how the international community has stood together firmly to address the pandemic and its consequences. further international efforts will be needed to counter the effects of the pandemic, to maintain a well - functioning international monetary system and to support a global economy that is fit for the future. the ecb supports the crisis response measures taken by the imf and welcomes the recent progress made towards a general special drawing rights ( sdr ) allocation. it is a strong and important signal of constructive multilateral cooperation helping the global recovery. it should be accompanied by efforts to improve transparency and underpin the exchange of sdrs through a broader set of voluntary trading arrangements. given the high debt levels worldwide, we are also supportive of the imf ’ s comprehensive work agenda on debt issues, which will continue to be a key area of work. the upcoming review of imf surveillance is well timed to support a resilient global economic system during and after the recovery phase. bolstering the recovery to

namely that it would bring prosperity and opportunities, we need to step up our efforts at both national and euro area level to strengthen the architecture of the single currency. many of the failings that caused and perpetuated the crisis remain unresolved. at a time of heightened global uncertainty, completing the euro area ’ s architecture is also necessary for europe to be able to achieve its other objectives. europeans won ’ t be able to foster cooperation on security and defence, or to speak with one voice on international affairs, or to complete the single market if they repeatedly have to tackle economic crises which are largely of their own making. a sound and sustainable euro area will help redirect political capital where it is most needed. ensuring the political relevance and legitimacy of this process is in the hands of the european parliament and national parliaments. i very much look forward to today ’ s discussion. thank you. 4 / 4 bis central bankers'speeches