- border equity finance that is currently lacking. on the fiscal front, the euro area needs to achieve eventually a more complete fiscal union. some form of semi - automatic cyclical insurance mechanism against asymmetric shocks could be designed to make it possible more risk - sharing without entailing permanent transfers between countries. depending on modalities, such an instrument could also contribute to smooth aggregate shocks, achieve a more balanced policy mix and increasing sharing responsibilities with monetary policy. in addition, the eu rule - based fiscal framework needs to gain in simplicity and transparency. recent proposals, which seek to give greater weight to public debt as a medium - term anchor and to the expenditure rule as an operational tool, deserve consideration. at the same time, increased national ownership should be fostered by enhancing the oversight role of independent fiscal authorities. the aim being to generate enough room for maneuver during good times, so that the stabilising capacity of fiscal policy may be larger at crisis times. in sum, a lot of work remains to be done both in the near - and in the medium - term. these perspectives underpins the agenda of today ’ s seminar, which we have organized around two panels. a first panel, on short - term challenges towards a complete emu, will discuss the reform agenda that is feasible to pursue in the current european parliamentary cycle ( until 2019 ). 4 / 5 in a second panel, on long - term prospects for a cohesive emu, we would like to address the medium - to long - run steps necessary to increase the euro area ’ s capacity to prevent crisis and to manage them. finally, economy minister ramon escolano will close the seminar explaining the strategic vision underlining the recent proposals on emu architecture articulated by the spanish government. the proposals constitute, in my view, a politically realistic program to advance the process of governance reform in the short - term without losing sight of the longer - term needs. the final goal being providing the emu with a more solid institutional framework that help ensure the prosperity and well - being of euro area citizens and improve the public perception of the integration project. now, according to the agenda, i give the floor to the moderator of the first panel, paloma marin. 5 / 5

practices. • we also conduct advocacy activities thru strategic partnerships. one good example is the citi microentreneurship awards that the bsp has been carrying out annually with citi foundation, citibank and the microfinance council of the philippines. this bis central bankers ’ speeches awards program highlights inspiring success stories of microentrepreneurs across the philippines. ladies and gentlemen. the philippine national strategy for financial inclusion ( nsfi ) brings the central bank and 12 other government agencies together thru a highly consultative process to achieve convergence. it also sets a framework for government and the private sector to systematically collaborate, ensure cohesion and promote synergy. agency tactical plans are being finalized with specific policies, programs and progress indicators which will be shared thru dialogues to jumpstart convergence of multi - sectoral actions, and identification of concrete areas for partnership and collaboration. it is pleasing to note therefore that 8 countries in asia pacific are at varying stages of implementing their own nsfis, while 9 other countries are currently formulating theirs. evidently, we all aim to facilitate domestic convergence and quantum leaps thru a national strategy. indeed, convergence across regions and with international partners is necessary in the light of cross - cutting issues that may impact financial inclusion objectives. these issues include the cost of cross - border remittances, the potential impact of economic integration on small businesses, and international standards that may adversely affect institutions providing financial services in rural areas, to name a few. these all require concerted global attention and strategic convergence. fortunately, such a convergence is beginning to happen. apec and asean have committed to promote financial inclusion. and financial inclusion is already being discussed in international bodies such as the g20, the united nations, the world bank and the imf, as well as standard setters like the basel committee on banking supervision and the financial action task force. in addition, about 95 developing countries are now members of the alliance for financial inclusion. conclusion ladies and gentlemen. we have before us the opportunity to catalyze a quantum leap for financial inclusion in asia pacific and the world. clearly, it is an ambitious goal ; but the 1. 2 billion people who remain unserved in our part of the world represent a billion compelling reasons to continue to escalate our efforts to bring financial inclusion to the excluded, to those who continue to live in poverty. together in this summit, i hope we can craft an action plan that would help make the asiapacific a better