inclusion pave the way for access to more financial products and economic opportunities for all. conclusion allow me to extend my gratitude to the world economic forum for providing a platform and opportunities for emerging markets, such as the philippines, to showcase our potential. let me end by wishing all the forum delegates a productive and enjoyable two days in manila. we look forward to the great exchanges on clean energy and digital transformation as well as other topics, touching on the drivers of infrastructure development, competitiveness, and inclusive growth. may these dialogue and discussions lead to meaningful partnerships. we are confident that your investments in the country - both existing and forthcoming - will be worthwhile and will yield mutually beneficial outcomes. thank you once again for gracing this occasion. please enjoy the rest of the dinner. 1 65 percent of filipino adults have transaction / formal accounts in 2022, a significant increase from 56 percent in 2021 and just 23 percent in 2017. 2 / 2 bis - central bankers'speeches

they try to disentangle the impact of the single currency and harmonisation policies on financial integration. this distinction is of major relevance with respect to the further process of integration. the authors ’ focus on banking integration is appropriate with regard to the subsequent analysis of consumption risk sharing, where bank lending is deemed to be a prominent transmission channel. however, it should be kept in mind that there are more financial market segments of interest and that the euro and harmonisation policies might affect them to a different degree. as i have already noted, there is strong evidence that monetary union has fostered integration of markets for equity and long - term debt securities. 4. 3 banking integration and risk sharing as for the authors ’ concept of consumption risk sharing, let me make two remarks. first, consumption smoothing is measured relative to a panel of 20 european and non - european countries. this reflects the fact that the paper concentrates on differences in consumption growth across countries and, therefore, analyses international consumption smoothing. domestic smoothing is thereby ignored. furthermore, the estimates do not make a distinction between whether consumption smoothing of emu countries takes place within the euro area or vis - a - vis the rest of the world. it is true that, from a welfare point of view, a distinction between intra and extra - euro - area risk sharing does not make sense. however, the authors ’ conclude that “ the increased cross - banking integration due to the euro has improved ex - post the optimality of the currency union by improving risk sharing ”. this implies that risk sharing of euro area countries takes place mainly among each other. my second comment concerns the way the authors measure consumption smoothing. the paper regresses international differences in consumption growth on international differences in gdp growth, multiplied by a term including banking integration. a perfect consumption smoothing would imply that asymmetric gdp shocks do not transmit into diverging consumption paths at all. following asdrubali, sørensen and yosha ( 1996 ) and the modification of melitz ( 2004 ), it might be helpful not to stop here but to have a further look at the individual components of gdp and the respective channels of risk sharing. 3 asdrubali, p., b. sørensen and o. yosha ( 1996 ), channels of inter - state risk - sharing : united states 19631990, quarterly journal of economics, vol. 111, 1081 - 1110 and melitz, jaques ( 2004 ), risk - sharing and em