resources and sovereignty, as well as a rising euroscepticism. this is why we need to make the economic case. this discussion is not about “ more brussels ”, but it is very concretely about more growth and jobs in europe. the euro crisis has revealed how unprepared we were. the absence of coordination has indeed a genuine economic cost. several approaches point to a significant cost of noncoordination, in the order of 2 to 5 % of gdp since the crisis, and therefore millions of jobs. to bring the debate forward, some principled choices have to be made. first : making parallel progress on both domestic reforms and, [ not “ or ” ], european coordination. this is the cornerstone of, for instance, any french - german agreement : to be fair, the french call for germany to support coordination, and the german doubt about french reforms, have been and are still well - founded. this requires overcoming distrust between countries and bringing together both aspects under the same umbrella, namely a common institution. second, we must recognize that institutions with a mandate are superior to rules without institutions, as underlined by mario draghi while discussing the fundamental difference between a monetary policy institution and fiscal rules. to bolster policy consistency and coordination, we admittedly need simpler rules. but they should be supported by strong institutions with discretionary powers. third, there is room for an intermediate level of integration, as shown in a simple but illustrative matrix : bis central bankers ’ speeches i would call it “ full coordination of national policies ”, a presently missing link between integration, as we have for monetary policy decision - making, and rule - based surveillance, as it is currently the case for national fiscal policies in europe and which is clearly lacking teeth. and i don ’ t think we are ready for a fully - fledged fiscal union with a common fiscal capacity and the great mutual trust it requires. in addition to the completion of banking union, the needed part of emu reform is to set up a strong institution to fully coordinate national fiscal and structural policies. it would help to make the euro area more than the sum of its parts. jean monnet famously declared that “ nothing is possible without men, but nothing lasts without institutions. ” the idea of a finance minister of the euro area is not new : marcel fratzscher and the diw for instance recently advocated for “ a joint finance minister ”, aware that a single currency “ requires an economic convergence process and

academic institutions to improve economic policy formulation and education. for the general public, we conduct lectures and seminars for them to understand the role of the bangko sentral in the philippine economy ; we also teach them how to recognize counterfeit currency ; and through the highly successful “ tulong barya para sa eskwela ” we teach our public the value of small things, including the barya, as the start of wealth creation. and of course, we respond to requests for information and resource persons from schools, institutions, and civic groups. with our eflc, we have created a one - stop center where researchers, students, visitors, and bsp staff may access data and information produced and acquired by the bangko sentral in the areas of central banking, economics and finance. we have a briefing room here where we can host various visitor groups. incorporating today ’ s technology, the eflc will provide information not only through conventional books and magazines, but also in various electronic formats such as cds, digitized books, and interactive learning modules. eflc will coordinate with other sectors and departments at the bangko sentral to consolidate materials for our economic and financial education program under this one - stop center. this will include digital archives of bsp video materials to make them accessible to the public. visitors may also buy bangko sentral publications and commemorative items here at the eflc. through the interactive modes of learning, including computer - based games and multi - media learning tools, eflc should inspire and excite visitors to learn more about economics and finance. it is possible, some of our visitors may even decide to become central bankers. but beyond the books and multi - media resources here, we envision eflc to serve as a regular forum for intellectual discourse that will inspire higher learning in the field of economics and finance. ladies and gentlemen. i am pleased to inform you that this eflc is just the first of a series ; our plan is to set up eflc ’ s at bangko sentral ’ s regional offices and branches. this is to provide equal opportunity for our people in the countryside equal access to our material and resources. actually, work has already started in operating the regional centers but we will expand their scope and services in the form of traveling exhibits and operation of regional hubs to ensure that our electronic resources are accessible to our visitors in the regions. expanding our network and enhancing regional facilities will ensure that timely economic and financial