The discussions on the 2021-27 multiannual financial framework offer an opportunity to enhance its role in addressing Europe’s structural challenges, and I welcome the commitment made by leaders at the Euro Summit to pursue this avenue. Second, the Single Market as an engine for convergence should be used to its fullest potential.
Hence, the BSP’s push to improve credit underwriting standards for consumer loans. But in parallel with this, we believe thrift banks should also actively participate in the culture and practice of financial education and consumer protection. These are not just fancy buzz words. In fact, in the BSP, we take these twin advocacies seriously.