First, the HKMA is a banking supervisor and banks are the key players in the financial markets in Hong Kong. Second, the HKMA is also itself a major asset owner and manager, with over $ billion of Exchange Fund assets under management. This makes it easier for the HKMA to make the right connections and speak the same language of the asset owners or managers overseas. Thirdly, the HKMA senior management is fortunate to have the support from a small but dedicated team of highly professional staff in the outreaching programmes. Finally, the HKMA is part of the Government and it is easier for us to refer issues or problems to the relevant government bureaux or departments for consideration or actions. In this context, I would like to thank in  BIS central bankers’ speeches  3  particular the SFC and InvestHK, which have been working very closely with us to provide the much needed advice or help when overseas financial institutions are thinking of locating or relocating their operations to Hong Kong. Concluding remarks 13. Ladies and gentlemen, I would like to end my comments by saying this: competition amongst financial centres has always been fierce and will be even more so in the future. Competition is quite like rowing a boat up a river, in which case there is a Chinese saying: “ 逆水行舟，不進則退”or in English: “excel and advance” or “stay put and be left behind”! 14.
This could be part of a European Monetary Fund, provided that its scope of action is extended beyond the current European Stability Mechanism. -  A micro accelerator: i.e. a Financing Union for Investment and Innovation. The aim is to mobilise the EUR 350 billion savings surplus of the euro area, notably to shore up equity which is the key to an innovation economy, and also to foster synergies, thanks to an integrated steering mechanism, between the Juncker investment Plan, the Capital Markets Union and Banking Union. -  A fiscal accelerator, once we have increased trust between Member States and made headway towards greater economic convergence: the euro area budget could be used to  Page 6 sur 6 finance, for the benefit of all countries, certain “European common goods” such as digital technology, energy transition, security, and migration controls. -  An institutional accelerator: The fourth is not an accelerator in substance, but rather a “facilitator” for the first three. In terms of institutions, we would need first and foremost a euro area Finance Minister, President of the Eurogroup and member of the Commission, backed by a European Treasury; but also a euro area Parliament group, in order to ensure the democratic legitimacy of the institutions and decisions. But it only makes sense if we make progress on the substance: if not, it would be little more than mere window dressing. The latter two accelerators, fiscal and institutional, would require Treaty changes, unless they were to be very limited.