highly complex, and the right calibration is very important. therefore, economic research plays a crucial role in ensuring the success of the initiated reforms. this is particularly true of the design of procyclical capital buffers and surcharges for systemically important financial institutions. but of course there are many other very interesting strands of research, some of which have been covered at this conference. quite a few papers aim, for example, to create a deeper understanding of systemic risk and contagion mechanisms, which are surely key issues when it comes to dealing with future crises. in their paper “ structural estimation of systemic risk : measuring contagion in the sub - prime crisis ”, rigobon and his co - authors have developed a measure of international contagion which allows us to assess the role of systemic risk for the global economy. 4. conclusion ladies and gentlemen addressing the broader context of global developments which have contributed to the financial crisis and in particular the role which global imbalances have played, you have dealt with an interesting but also very complex issue at this conference. this question is far from being resolved, and i am sure that it will occupy researchers for quite some time to come. that is not less the case for those strands of research that deal with how to strengthen the financial system. seen in this light, times have seldom been as exciting for economic research as they are right now. i would like to encourage you to continue with your work and wish you much success. thank you for your attention.

banking innovations. in february this year, the bsp issued circular 1033 to streamline the licensing requirements of our supervised institutions intending to offer electronic payment and financial services ( efps ). these initiatives, together with the passage of the national payment systems act ( npsa, ra 11127 ) that grants the bsp with regulatory oversight over payment systems, will significantly advance our digitization agenda. but in order for these developments and initiatives to be relevant, there needs to be a systematic collection and dissemination of relevant data, one that would inform policymaking and lead to a better, deeper understanding of the msme market. with this in mind, we have embarked on two initiatives designed to bridge the information gap – the national demand side survey on msme finance and the strategic partnership with the department of trade and industry ( dti ), microfinance council of the philippines, inc. ( mcpi ), and alliance of philippine partners for enterprise development, inc. ( append ) to expand the negosyo center financing ecosystem. the national demand side survey on msme finance, which is currently under development, will enable us to address the need for comprehensive data on the msme sector and formulate responsive policies and programs. meanwhile, an essential component of the negosyo center partnership is the creation of an information database on negosyo centers and microfinance institutions ( mfis ) nationwide. this database will enable negosyo centers to refer clients to various financing options and help microfinance institutions design products and services appropriate to clients ’ needs. finally, let me say this again. financial inclusion is a necessary condition for a sustainable 4 / 5 bis central bankers'speeches economy. to realize this vision means pursuing change and reform however difficult they may be. the bsp ’ s enduring financial inclusion journey attests to this. we craft our policies not only for the present, but also with the future in mind. i am optimistic that the various financial inclusion initiatives of the bsp that i discussed this morning will help improve access of msme exporters to financial services, and consequently enhance our country ’ s export competitiveness. with these thoughts, let me say that the best for all of us is yet to come. maraming salamat po. 5 / 5 bis central bankers'speeches