Indeed, young people were the first to regain their confidence in the European Union after the Global Financial Crisis. More recently, their greater trust in the EU can be tracked to their attitudes towards globalisation. Recent research shows Europeans are more positive about the Union if they grew up when their country was already a member and, in particular, if their feelings towards immigration and globalisation were also positive. In a globalised and polarised world, the European model embodies a certain vision of the future of relations between nations. It is one based on strong and supportive institutions that protect citizens’ economic and social well-being. Crucially, the European project was forged around its members’ consensus and a tradition of understanding; a cooperative vision that transcends the continent’s frontiers and fosters a multilateral approach to global challenges. This multilateral approach is now more important than ever since most of the structural challenges facing our economies are global and, therefore, require a global response. And Europeans can and should play a key role in promoting this multilateral approach. Trade, global barriers and the COVID crisis One crucial area where multilateralism should be promoted globally is trade. In the current context, global barriers can only be obstacles to the economic recovery that should follow the dramatic economic crisis caused by the pandemic. Take the production of the Pfizer and Moderna vaccines as examples.
Norman T L Chan: Hong Kong – an offshore renminbi business centre Speeking points by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, on the Regulatory Requirements for the Adjustments to Renminbi Risk Management Limit and Net Open Position, Hong Kong, 17 January 2012. *  *  *  The development of Hong Kong as an offshore RMB business centre achieved encouraging results in the past year. Trade settlement using RMB reached RMB2 trillion; RMB deposits almost doubled; and total issuance of dim sum bonds exceeded RMB100 billion. I am very confident that the trend of solid development will continue in 2012. With the continued growth in both turnover and depth of the offshore RMB (CNH) market in Hong Kong, the Hong Kong Monetary Authority (HKMA) considers that conditions are now ripe to appropriately relax certain regulatory requirements on the RMB business of banks in Hong Kong. First, on the regulatory requirements of the RMB net open position, the HKMA has decided to raise the limit for RMB net open position, from not exceeding 10% to not exceeding 20% of the bank’s total RMB assets or liabilities. Second, currently the HKMA requires each Participating AI to maintain the sum of RMB cash or balances with the RMB Clearing Bank and the People’s Bank of China, Shenzhen branch, at no less than 25% of its total RMB customer deposits (referred as RMB risk management limit).