Alongside further progress on reforms directed towards higher rates of labour utilisation in the euro area, developments in recent years reinforce the need to implement policies aimed specifically at boosting labour productivity. In this respect, one of the main priorities of the Lisbon agenda is to encourage innovation and technological diffusion, which are among the key factors affecting long-term productivity growth.
We also have a supervisory agreement with the China Banking Regulatory Commission dating back to 2015 and we are currently in process of updating it to include FinTech and AML/CFT issues. As for the 16+1 cooperation framework, I personally see this as a unique platform for deepening ties in the FinTech domain.