##p ’ s cornerstones in stakeholder engagement for financial inclusion. the citi microentrepreneurship awards ( cma ), as the fruit of such remarkable partnership, serves as an important platform to convey the message that collaboration with a strong shared vision, coupled with responsive policies and platforms, can bring the best out of the filipino people. it is thus with great interest that i participate in this year ’ s cma. i look forward to the opportunity to discover promising micro - entrepreneurs whose experiences, achievements, and community contributions would serve as an inspiration to everyone. to my fellow nsc members, we indeed have some exciting work ahead of us. may the cma continue to nurture and empower filipino micro - entrepreneurs in the years to come. again, good afternoon and thank you all for coming. 2 / 2 bis central bankers'speeches

harmful spillovers, fragmentation or ‘ ring - fencing by other means ’ do not emerge ; 23 and take action if they do. one last comment : wherever the legislative process ends up, along the scale from purely statistical to full legal harmonisation, the rules on bbms should be as cross - cutting and ‘ activity - based ’ as possible, i. e. applicable to all lending contracts, whatever category the lending institution belongs to. this is necessary to avoid regulatory arbitrage between the banking and non - banking sectors. 24 * * * as the esrb highlighted “ for example, six countries ( denmark, france, ireland, malta, netherlands, norway and sweden ) use gross income to define income - related measures, while other member states use income in net terms. three countries ( austria, finland and slovenia ) use a broad definition of collateral value for the purpose of the ltv limits, while in other countries this is restricted to real estate. ” ( esrb, review of the eu macroprudential framework for the banking sector - march 2022, response to the call for advice, p. 13 ). banca d ’ italia used gross income to define income - related measures when it issued its rules on bbms last february. under article 513 of the crr, “ harmonised definitions ” of bbms “ and the reporting of respective data at union level are a prerequisite for the introduction of such instruments ” ( paragraph ( 1 ) ( d ) ). hartmann, 2015. in that respect, the legal acts already available are the mortgage credit directive ( directive 2014 / 17 / eu of the european parliament and of the council of 4 february 2014 on credit agreements for consumers relating to residential immovable property and amending directives 2008 / 48 / ec and 2013 / 36 / eu and regulation ( eu ) no 1093 / 2010 ) and the consumer credit directive ( directive 2014 / 17 / eu of the european parliament and of the council of 4 february 2014 on credit agreements for consumers relating to residential immovable property and amending directives 2008 / 48 / ec and 2013 / 36 / eu and regulation ( eu ) no 1093 / 2010 ). these, as i said at the outset, are very provisional reflections ( and, as such, they should not be taken as an official statement of the position of banca d ’ italia ). i am sure that the discussions in this seminar will help clarify some of the economic and legal issues i have briefly