klaas knot : the future of emu and the netherlands ’ place in europe speech by mr klaas knot, president of the netherlands bank, before the omfif ( official monetary and financial institutions forum ), london, 17 february 2012. * * * thank you for this opportunity to exchange views with you on this topical issue. thank you also for arranging for me to do so amid the splendour of this magnificent hall. i feel quite safe standing here, for i understand the armourers ’ hall was among the few buildings that escaped destruction in the great fire of 1666, and, in 1940, also survived a major blitz on london, while the surrounding area was devastated. so one might say that this venue symbolically suits my subject of today, for i am confident that in the distant future we will be able to say that emu still survives. speaking of which, i couldn ’ t help but notice that the title of my talk as announced in the flyer is “ the future of european monetary union ”, instead of “ economic and monetary union ” which the term “ emu ” stands for. don ’ t worry, you find yourselves in good company ; many european governments are only now starting to realize that they haven ’ t paid enough attention to the “ e ” in emu. my talk today consists of two parts. in the first part, i ’ ll focus on why it is that, for the netherlands in particular, it is so important that the european project will be successful. in the second part, i ’ ll discuss the implications of the european sovereign debt crisis for the future design of emu. i will argue that at the root of the crisis we find some individual euro area countries pursuing wrong policies and a failing system of mutual surveillance in the euro area. these deficiencies pose a number of challenges for the future of emu. while the introduction of the euro has increased macroeconomic stability and furthered trade and financial integration, the sovereign debt crisis clearly demonstrates that the job is not done yet. the alliance of the netherlands with europe has always been strong and will remain so in the future, if only because of its small size and geographical location. the same holds true for the other “ low country ”, belgium. by nature, dutch people have always had a strong focus on europe. just to illustrate this point, every pupil in high school has to learn at least two foreign european languages. foreign residents in the netherlands even complain that it is hard

fout! onbekende naam voor documenteigenschap. progress on the resolvability of gsibs – the fsb perspective speech by klaas knot at the 2nd srm - ebf boardroom dialogue brussels, 5 july 2019 at the second srm - ebf boardroom dialogue, klaas knot gave a speech in which he described the efforts in making banks resolvable. he also mentioned areas of concern for the coming years : trends and priorities for achieving resolvability. fout! onbekende naam voor documenteigenschap. let me start by saying that i am here in two capacities, wearing two hats as it were. i am here both as vice - chair of the financial stability board, the fsb, and as president of the dutch central bank. for this speech i will be wearing my fsb - hat. as you may know, the fsb has actually been the instigator of many of the reforms and policy initiatives on bank resolution, including the topics being discussed today. with the development of the key attributes for effective resolution regimes in 2011, the fsb created the blueprint for the european resolution framework. this was followed by the tlac standard for setting loss absorbing capacity for g - sibs. so far, this is the only international standard developed by the fsb. other guidance developed by the fsb covers topics such as bail - in, funding in resolution and operational continuity. in this speech i will be taking the view of an fsb representative with a keen interest in making banks resolvable. this view should provide insight into the trends and priorities for achieving resolvability. hopefully it will also guide your own efforts, as you work together with the srb on topics such as : completing resolution plans, implementing tlac and modelling funding in resolution. and even though the fsb focuses on policy development for g - sibs, i think these topics are equally relevant for other banks. resolution planning and achieving resolvability i will start with resolution planning and achieving resolvability, the topic you discussed before lunch. in my view resolution planning has always been a means to an end. it is about getting a deep understanding of how a bank is organized and functions. it is about asking fundamental questions on what functions need to be continued and how to achieve this. resolution planning forces authorities to consider all these aspects and it focuses the mind