burkhard balz : opportunities and risks of central bank digital currencies keynote speech by mr burkhard balz, member of the executive board of the deutsche bundesbank, at the virtual european payments conference “ key trends in the european payments landscape ”, virtual event, 17 june 2021. * * * 1 introduction ladies and gentlemen, mr maleki, mr bott, thank you for your warm welcome, and thank you for giving me the opportunity to deliver a keynote speech at today ’ s conference. the euro football tournament kicked off recently, but things are rather different this year. there will be fewer gatherings in person and no “ public viewings ”, as we say in germany, with thousands of fans. instead, i have already heard about public viewings taking place in the digital sphere, with fans using virtual conference software to get together and cheer on their favourite team. fortunately, the games themselves are taking place in real life – with a considerable number of fans in the stadium – and not virtually. the same still cannot be said for most meetings in the business world. therefore, i am also speaking to you in a virtual, digital format today. however, digitalisation has also found its way into football, with teams using the likes of big data analytics to improve their performance. and we all know that money plays an important role in football business as well. so there is some common ground with the topic of our panel discussion and my keynote today : it is about rapid change, digitalisation and digital money, and central bank digital currencies in particular. cbdcs are one of the most exciting developments facing central banks today – not just in europe, but worldwide. many questions need to be answered. let me name just three of them : what opportunities are associated with cbdc? is there a need for banknotes to go digital? what features would cater to the demands of consumers and enterprises in both the financial and the industrial sector? maybe today ’ s conference can shed some more light on the different components of these important questions. market experts in europe and around the world are engaged in a lively debate about these questions, and several central banks are looking into the opportunities and risks associated with central bank digital currencies. a survey among central banks by the bank for international settlements ( bis ) shows a shift away from mainly analytical work on cbdc towards technical experimentation, with more than 60 % of central banks reporting that they are running practical experiments. 1 1 / 4

andreas dombret : sino - german financial stability forum – introductory statement introductory statement by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the sino - german high level workshop, frankfurt am main, 11 july 2011. * * * welcome remarks, background dear mr yi gang, dear guests, it is a great pleasure to welcome you to this sino - german workshop, which is being held within the framework of the financial stability forum in frankfurt. our goal of an in - depth exchange of ideas and experience relating to financial stability is part of the overall project of closer cooperation between china and germany, as agreed last summer during chancellor angela merkel ’ s state visit to china. this closer cooperation is evidenced both by the first sino - german intergovernmental consultation in berlin that took place from 27 to 28 june 2011 and by this workshop. both countries share many features. one outstanding common factor is that china and germany occupy the top two spots on the list of leading export nations and, as countries that routinely run up a current account surplus, therefore sometimes hear calls to contribute to global “ rebalancing ” by strengthening domestic demand. the two countries also display clear differences, especially in terms of the openness, depth and diversification of their respective financial systems and financial markets. germany is part of a monetary union, while the renminbi is beginning to gain in importance as an international currency. this is where an exchange of views on the lessons learned during the current financial crisis is likely to be of particular mutual interest today. the structure of the workshop programme and the range of issues covered ensure that specific aspects of financial stability policy in china and germany will be given sufficient space. in this introductory statement, i would like to focus on the following four points : strengthening the international financial system interactions between monetary policy and macroprudential policy risks of the low - interest rate environment and developments in commodity prices strengthening the international financial system my first point relates to the current debate on potential recommendations and measures to strengthen the international monetary system during the french presidency of the g20 group of countries. as you know, these issues are currently being discussed in a g20 working group, particularly measures to manage international capital flows and global liquidity. public political statements and comments reflect clear differences between some emerging market economies and the advanced countries, although a greater consensus on several of these issues has been achieved in recent months. these relate, in particular, to different assessments of what is the