【正文】 9。s just a problem that there is so much tax evasion in the country. They just let that problem grow in an uncontrolled way. That is also true of Italy, of course,I don39。s unlikely to be the best way of doing it. Jean Salmona: Let me give you just a sentence, which was given by former Prime Minister [of France, and] Socialist Laurent Fabius, who launched the euro idea. He was at the top of government. He said, “We have to be realistic. We have to see really what the present situation is [instead of] what [we think] it should be.”And that we look at the situation, not as it is but as it should be, explains a lot of our problems in Europe. The result is that the people have someone to blame. They blame the banks of course. And they blame any scapegoat. For instance, I don39。t see how we can go ahead without more coordination some kind of mon policy. Having mon money without a mon fiscal policy doesn39。t make sense. At present, the mind of the French people is “Let39。t think it is very likely. It39。t think anybody should take pleasure in seeing the European Moary Union or the European Union [experiencing difficulty]. Quite frankly, I am dismayed at the fact that some mentators, especially in the press, are ing very close to celebrating like saying, “We told you that this was going to happen to you,” as if this wouldn39。 Gamble39。s, clearly their recovery is ing from other places than their domestic market right now. That39。s the situation. The question bees How can we best align and, perhaps, address discrepancies? It is there at the social is at the economic level. It is at the political level. And really it is the institutions, like we see in the financial system, which have to get together and develop these mechanisms. I think there39。s not the case. The Czech Republic, Slovakia, Romania and so forth are much better integrated. They are the lower “cost”production centers, outsourcing centers, with high expertise mind you within the EU. And it works. Greece was not integrated for the various petitive reasons or lack thereof that we were talking about. Salmona: During the Second World War, Winston Churchill could get the British people to accept very strong measures because it was for the problem in Europe is that people do not feel it is the war, although I think it is the war a different type of war. Again, sorry to quote my French cocitizens but one of the heads of the Socialist party said last week when they had to vote in Parliament “for” or “gainst”giving $6 billion to Greece, “Eventually, okay, we are going to vote for,but I must say and emphasize the fact that we are very much against the measures that Greece is taking now.”So this is really serious. And I think that only a set of measures which would reanize the financial system at the worldwide level would have a psychological impact on the populations and on the people who vote. Unless something like that happened and the . has to take the lead nothing can happen unless [President Barack] Obama together with the IMF says, “Okay. Enough is enough. Let39。s the center of attention now what we need to do is to try to resolve the situation there and then take it from Merchants Bank (CMB) opened its New York branch the first Chinese bank branch opening in the . after a decade on October 8, 2021, just as Lehman Brothers was in throes of collapsing and the global economic crisis began escalating. Having witnessed the crisis from the eye of the storm on Wall Street, and then the huge credit release in China last year, Ma Weihua, the bank39。s fastchanging financial services sector. Ma, who has fed a reputation as one of China39。s because] the history of China39。s say you are an actor and I don’t know what your best film was, you might get upset. Or let’s say you’re a singer [and I don39。t think our banking sector is strong just because the other side had big problems. Our task is to improve our own management ability. The biggest weakness for domestic Chinese banks is management. Management problems require a turnaround of the business mindset. Chinese banks live and die by their loans. This will soon be difficult [continue]. A bank must find new growth points. That is quintessential wealth management. The challenges in the banking sector need to be met head on. The clients need more products and more service. But as long as your mind is open, innovative and keeps accepting new things, you can take charge. The overall management mindset is the biggest challenge in China’s banking sector and needs the most improvement. If your minds are not open and cannot be transformed, your products and services won’t go anywhere. Ma: The Chinese government is indeed facing the expectation that interest rates will increase and the renminbi will be revalued, which are the major challenges for China’s regulators right now. Because of the massive investment in every country last year, plus China’s high foreign exchange reserves will demand it to issue new currency, there is abundant liquidity in the country. Although we are not seeing a hyper inflation right now, but there are some asset bubbles. Part of the reasons that China has high housing prices is that the public is expecting inflation to grow, but not necessarily all the [house buying] is being done as an investment or speculatively. Most young people [think they] have to buy a house quickly or else they won’t be able to. Rising house prices in China will cause a lot of problems. Not only is the risk to the financial system higher, but also can lead to social conflicts because the other half of the population loses the right [to own a home]. The government may think of a way to make adjustments to reduce house prices. But they don’t want to let them fall too low all at once because it would cause all types of risks, including loan risks. I39