markets and payment systems. as far as interbank markets are concerned, two factors should play a key role : • the first factor relates to the various rules market operators have to abide by. these rules apply to counterparts, market makers, brokers, rating agencies and market enterprises such as clearing houses. they take the form of codes of conduct, regulations, master agreements and market standards. an appropriate degree of harmonisation of these market rules should be reached under the aegis of central banks and prudential authorities ; • the second factor, the use of a single range of reference interest rates would guarantee the transparency of the euro money market. in this respect, short - term maturities are of special interest to central banks. this justifies that they intervene to some extent in the process of elaborating these indicators. as a matter of fact, the emi has recently agreed that the escb should sponsor the computation of an overnight reference rate for the euro area. as regards payment systems, the target system will also contribute to the rapid emergence of a unified money market throughout the euro area. target will connect the domestic real - time gross settlement ( rtgs ) systems operated by the national central banks. it will enable participants to make totally safe cross - border settlements in euro, in real time and at a low cost, thereby facilitating interest rate arbitrage. all large - value payments related to monetary policy operations will have to process through target. a common closing time for domestic rtgs and the harmonisation of conditions under which intraday liquidity will be provided by national central banks within the euro area should also help prevent any risk of segmentation of the single money market. 2. 1. 2. interest rate volatility the emi has described in various publications the set of monetary policy instruments that will be made available to the escb. 7 this set will comprise open market operations, standing facilities and minimum reserves. it should fulfil two basic functions : firstly, to enable the escb to control efficiently its operational target ; secondly, to signal the escb monetary policy stance. it should also be consistent with the requirement laid down in the maastricht treaty that the escb should act in accordance with the principle of an open market economy with free competition, favouring the efficient allocation of resources. in practice, the concrete design and use of monetary policy instruments will depend crucially on the degree of volatility of the short - term rate chosen as the operational target that

benjamin e diokno : empowerment of persons with disabilities through digital financial inclusion speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the43rd national disability prevention and rehabilitation week, 18 july 2021. * * * good day to everyone. the bangko sentral ng pilipinas is pleased to join the celebration of the 43rd national disability prevention and rehabilitation week. this year ’ s theme of “ kalusugan at kaunlaran ng pilipinong may kapansanan, isulong sa gitna ng pandemya ” is timely and very much aligned with the thrust of the bsp. the covid - 19 pandemic, while sparing none, has worsened difficulties for our most vulnerable and overlooked segments. socioeconomic gaps, including access to vital services, have widened. empowerment could thus not be a greater imperative. this is why we at the bangko sentral ng pilipinas believe that empowering our kababayan, especially in these extraordinary times, can lead to a better financial future and propel us to post - pandemic recovery and growth. the empowerment of the vulnerable sectors has always been an underlying objective of the bsp ’ s efforts. for this reason, we are continuously stepping up our financial inclusion efforts to ensure financial services are within easy reach for all filipinos, including persons with disability. with access to a wide range of financial services, filipinos can better manage their finances, seize income opportunities, and build financial resilience. financial inclusion therefore empowers individuals to improve not only their welfare, but also that of their family and community. the need for financial inclusion has been highlighted by the pandemic as people needed to transact digitally. people who had a transaction account were able to safely and conveniently conduct financial transactions through their mobile devices at the comforts of their home. this crucial capability for digital transactions should be within reach by every filipino in the new, and increasingly digital, economy. the bsp has therefore committed that by 2023, at least 70 % of adult filipinos own and use a formal account, and at least 50 % of retail payment transactions are performed digitally. we are optimistic of achieving these targets, even earlier than planned. over the years, the bsp has laid down the foundation for financial inclusion through our regulations and initiatives to build the inclusive digital finance ecosystem