In the Euro Area, as in all modern economies, banks grant loans and issue deposits, thereby performing maturity and liquidity transformation services that improve the allocation of households’ consumption across time and firms’ capital across productive activities. These activities are essential for the well-functioning of the economy and are key components of the transmission of monetary policy and the stability of the financial system.
12)  Macao’s uniqueness and competitive edges support its development into a RMB settlement platform for commercial and trade activities between the Mainland and  BIS central bankers’ speeches  3  Portuguese speaking countries.