Philipp Hartmann is Deputy Director General of the research department at the European Central Bank, which he helped to build from its beginning. He is also a Fellow of the Centre for Economic Policy Research. He has published research on financial, monetary and international issues in several books and numerous journal articles, and he serves as an associate editor of the Journal of Financial Stability. His policy work has been published in many official reports and discussed in fora including the ECOFIN Council, the ECB Governing Council and the Basel Committee on Banking Supervision. Haizhou Huang is a Managing Director at the China International Capital Corporation. He is also a Special-Term Professor of Finance at both PBC School of Finance, Tsinghua University and Shanghai Advanced Institute of Finance. He has published in leading academic and policy journals, including American Economic Review, European Economic Review, the Journal of Monetary Economics and Review of Finance. Dirk Schoenmaker is Professor of Banking and Finance at the Rotterdam School of Management, Erasmus Universiteit Rotterdam, and a Senior Fellow at the Brussels-based think tank Bruegel. He is also a member of the Advisory Scientific Committee of the European Systemic Risk Board at the ECB and a Research Fellow at the Centre for European Policy Research (CEPR). He has published in the areas of central banking, financial supervision and stability, European financial integration and sustainable finance.