, post - war and contemporary art require of their observers openness, willingness to embrace new ideas, and also tolerance. i believe that these are qualities that are needed more than ever in the workplace as well as in the political sphere in germany. may this exhibition make a contribution to this – and may this be followed by further inspirational joint projects by the center for european studies and the bundesbank. i now wish to thank all those who have made this exhibition possible. the concept that unites these two collections has been developed by grzegorz ekiert, laurence a. tisch professor of government, harvard university, jan kubasiewicz, professor of design at the massachusetts college of art and design and curator of the jacek e. giedroj gallery at the center for european studies iris cramer, curator in chief of our art collection. they received support from many, including gila naderi, director of communications at the center for european studies, albana shehaj, program manager of the center for european studies, anja hagebarth, assistant curator of the bundesbank's art collection, jens reich, bundesbank representative in new york. and now to all of you here, thank you for your attention. 3 / 3 bis - central bankers'speeches

markets in hong kong. 11. another important macro trend is the burgeoning green and sustainable bond market. the global green bond market has grown from practically non - existent ten years ago to us $ 270 billion in 2020. recognising this trend, hong kong launched a few supportive initiatives in the last few years, including the green bond grant scheme in 2018. the latest government budget announced a new green and sustainable finance grant scheme, which will focus on green and sustainable bond issuers and borrowers and extend the scope of eligible products, external reviewers and expenses. to create the demonstrative effect and establish a benchmark yield curve, the government itself has issued two rounds of green bonds since 2019 that are aligned to international standards such as icma ’ s green bond principles. the latest issuance of 30 - year green bond by the hksar government is indeed the longest tenor green bond issued by a government in asia and the global medium term note programme is the first such programme dedicated to green bond issuances set up by a government in the world. encouraged by overwhelming market response, we plan to double the overall borrowing ceiling to hk $ 200 billion which will provide more room for exploring future issuance in other currencies, project types and channels. 12. by the end of 2019, us $ 26 billion of green bonds had been arranged and issued in hong kong with a significant number of them by mainland and overseas entities. while we do not have the 2020 figure yet, our estimates show that the issuance pipeline remained strong during the year despite the disruptive effect of covid. we are seeing increased issuer and product diversity and expect the strong momentum to continue. mainland china has just announced the ambitious 2060 carbon neutrality target. we believe hong kong, which adopts international standards in green bond issuance, is the ideal platform to raise green capital from international investors to support this transition and are looking at ways to facilitate this, in particular within the greater bay area. clearly structured credit products can also take a place in helping to meet this huge financing needs in the many years to come. 13. of course we also have other initiatives that specifically promote the structured credit market here. one latest development is the amendment of the banking ( capital ) rules last year, which brings the current synthetic securitisation rules fully up - to - date with the basel rules. these products are commonly found in europe over the last five or six years. banks in asia - pacific are now starting