to learn dutch in holland, because everybody they speak to in dutch replies in english, french or german. another way to illustrate the netherlands ’ focus on the outside world is to look at the openness of its economy. if you take a look at chart 2, you find openness defined as exports plus imports as a percentage of gdp. as you can see, in the us, exports plus imports are less than 30 % of gdp. in france, italy, spain and the uk, this indicator is between 53 and 63 %. in the netherlands, exports plus imports are nearly 150 % of gdp, and in belgium and ireland even more. as a consequence of this openness, the realization of the single market and the introduction of the euro later on did have a substantial positive impact on the dutch economy. after all, one of the most significant yields was the boost that emu provided to trade. driven by lower transaction cost, lower exchange rate risks and more market transparency, trade within the euro area developed more strongly than outside the euro area. being a country of trade and distribution by tradition, the netherlands has taken advantage of these circumstances. for bis central bankers ’ speeches sure, it is one of the reasons why the dutch economy outperformed the euro area in terms of gdp growth in 14 out of the last 20 years. the strong alliance of the dutch economy with europe in general and the euro area in particular also shows up if we look at its exports orientation. in chart 3 you see this defined as exports to the euro area expressed as a percentage of total exports. it follows that the orientation on the euro area is the largest in the netherlands. more than 60 % of our exports goes to euro area countries. given its close ties with the euro area, it is obvious that for the dutch economy a solution of the european sovereign debt crisis is of vital importance. if emu were to fall apart, the consequences for the open dutch trading nation would be severe. therefore, dutch policymakers and central bankers should do their utmost to solve this crisis. in what follows, i will first focus on the causes of the sovereign debt crisis. finally, i will present my views on the implications for a stable design of emu. over the last couple of months, european policy makers have done a lot to restore confidence. as a consequence, most stressed sovereign debt markets have calmed down substantially ( left - hand side of the graph ). the most important development was the announcement and finalisation of the

of alternative data for credit scoring is just one example of how data can be used to benefit consumers. looking ahead, we must continue to take initiative in fostering an inclusive digital financial ecosystem. to build trust and awareness in digital finance, we need to support financial literacy programs for individuals and msmes. it is therefore important to provide education that will generate familiarity to the available services, minimize vulnerability to scams and usage errors, and ensure a positive customer experience. lastly, we need to advocate for crucial legislation for internet connectivity, digital payments, and consumer protection. the digital divide, as observed in the lack of internet connection of those in the lower income classes and those in the rural areas, bring to the fore the need to continue seeking ways to make internet connection more accessible. in this regard, the bsp actively supported executive order 127 on “ expanding the provision of internet services through inclusive access to satellite services. ” to promote the universal use of safe and efficient digital payments, the bsp is actively supporting senate bill 1764 or the use of digital payments act. through this act, government entities are directed to use digital payments both in collections and disbursements, including account - based distribution of government financial assistance or ayuda. it also supports merchant acceptance of digital payments by directing local government units to adopt incentive frameworks that encourage the use of digital payments. consumer protection is another area that needs to be prioritized as the unbanked are the most vulnerable to the new threats that digitalization brings. the bsp actively supports the passage of the financial consumer protection bill which aims to strengthen the rules and regulations protecting financial consumers. in closing, the shift to digital transactions due to the pandemic has presented us an opportunity to extend the reach of financial products and services to the unbanked and underbanked. we must therefore continue working together to take advantage of this opportunity. i am therefore very much eager to see the innovations and collaboration that may emerge from the discussions today. thank you and good afternoon to everyone! 3 / 3 bis central bankers'speeches