permit the texts to be significantly improved along these lines. i believe that the citizens of europe count on the european parliament to take a broader perspective and drive these changes forward. there are also some important areas in which care should be taken not to weaken the texts. in particular, softening the stability and growth pact by introducing further exceptions or treating in a special way specific expenditure items, such as public investment, would create further room for unwarranted discretionary decisions. it is also of crucial importance that the economic governance reform is fully implemented as soon as possible and without any transition period. beyond fiscal and broader macroeconomic governance, it is important to remember that economic union comprises a third governance pillar which is equally important : the structural reforms embedded in the “ europe 2020 ” strategy and the euro plus pact. structural reforms are essential to elevate the growth potential of the euro area in the face of ongoing debt sustainability challenges and future age - related expenditures. a specific example where urgent progress is needed is the incomplete single market in services. it makes full economic sense and it is urgent to complete the single market in the sector in which a very large majority of people in europe work. when emu was first established, many people asked how monetary union could function effectively in a europe of sovereign states. the answer is simple : it can function effectively with an appropriate economic union. it is fully recognised that this economic union must be one where countries that wisely follow a virtuous economic path are rewarded, and those that pursue unsustainable policies have to internalise the costs of their actions. at the same time, economic union implies interconnectedness, and it is in all countries ’ interest not to exacerbate difficulties by creating uncertainty in financial markets. we look to an economic union where all countries face up to their individuals responsibilities, but also an economic union which remains guided by a common cause and destiny. * * * bis central bankers ’ speeches turning now to monetary policy, the challenges central banks are facing in fulfilling their role of a stable anchor are large. first, decisions have to be made in an environment marked by a very high degree of uncertainty. although operating in an uncertain environment is common business for central banks, i would argue that structural transformations of our economies, the ever - growing complexity of global finance and the overall process of globalisation are itself creating a multidimensional acceleration of change leading to increased uncertainty on the transmission mechanism of monetary policy. in addition, in crisis

programs now help educate a broad spectrum of the population including teachers, migrant workers, and farmers. we have made substantial progress, but there is still work to do. as highlighted in the bsp activities during the visit of the united nations secretary general's special advocate for inclusive finance for development, queen maxima of the netherlands, we are focusing on making digital payments more affordable. so affordable in fact, that people will make it a habit to use digital payments. as you can see, we are trying to go digital when it comes to financial inclusion. open finance we are advocating open finance, particularly in the area of financial health. open finance facilitates consent - driven sharing of customer data among financial institutions and third - party providers. it also gives customers more access and more choices when it comes to financial services. we believe that open finance holds significant potential to extend the reach of financial inclusion. it will do by fostering innovations in financial services. at the center of open finance is the customer who must be served and protected at all times. this is why we, at the bsp, are implementing our financial consumer protection framework. this would ensure that the rights and needs of consumers always comes first and that their trust and confidence in the financial system is preserved. so, thank you, our partners, for making this event possible and for advancing financial inclusion in markets like ours. i hope you find your time in manila rewarding. magandang umaga po at mabuhay tayong lahat. 2 / 2 bis - central bankers'speeches