results will respond to a variation of the assumptions in stress tests and scenario analyses, which should likewise be made transparent. as the risk characteristics of structured financial products differ markedly from those of traditional bonds, it seems to me that, not least, the use of a separate rating scale for structured financial products would be a promising way to help create the necessary transparency. at the same time, however, i would like to warn against exaggerated expectations. the more complex the financial products become, the more difficult it will be to create transparency. but this is where the financial institutions themselves also have a responsibility to make greater transparency possible. a tendency towards simpler financial products could also bring back more light into the financial system. last but not least, at the international level we shall certainly also have to take a good look at the experience of money market management during the financial turbulence. for the bundesbank, i would like to emphasise how much the operational framework as well as the operational capability in the eurosystem proved their effectiveness. in short, we have passed a crucial test but are still faced with challenges.

benjamin e diokno : realizing the golden age of infrastructure speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 32nd environmental scanning exercise, manila, 26 june 2019. * * * members of the monetary board, colleagues from the bsp, guests, ladies and gentlemen, good morning! i am very pleased to welcome all of you to the 32nd bsp environmental scanning exercise ( ese ). while this is my first time to address this affair as the bsp governor, it is certainly not my first time to attend in this event. i was here eight years ago, in 2011, when i was invited to be a resource speaker on the topic public - private partnership ( ppp ) program. over the years, i have come to know that this forum serves as an important platform for the bsp to discuss relevant economic and financial issues with its stakeholders and experts. today, we have once again gathered experts to listen to their thoughts on a similar and very urgent topic – “ realizing the golden age of infrastructure. ” i say very urgent because this so - called “ hardware ” for economic growth, has been a major challenge to our country ’ s path to sustained inclusive growth. for instance, the 2018 global competitiveness index of the world economic forum ( wef ) ranks our public infrastructure at 92nd out of 140 countries. this indicates how far behind the philippines is compared to other countries. in fact, we could see and experience for ourselves that we need better roads, bridges, airports, seaports, and railway systems that will provide convenient movement of goods and services throughout the country. this is why the government has put in place the “ build build build ” ( bbb ) program at the forefront of its economic agenda to address the gaps in the country ’ s infrastructure sector. this program is expected to boost and expand the economy ’ s productive capacity and support a sustainable and inclusive economic growth. on our part, the bsp will continue to safeguard an enabling macroeconomic environment that will help facilitate the country ’ s “ golden age of infrastructure, ” through the implementation of sound monetary and financial policies. moreover, we continue to spearhead reforms that promote further deepening of our domestic capital markets. we have also worked on enhancing the quality of competition in the banking system by allowing the entry of new foreign banks and liberalized foreign exchange regulations. all these developments could help increase the availability