A European deposit insurance scheme is still missing. Such a risk-sharing arrangement would lead to further risk reduction and support financial stability. All in all, central banks have demonstrated that they can be effective crisis managers in times of stress, but they have often lacked the toolkit to pre-emptively address financial stability risks while they are building up.
All we have to do is use our mobile phones. Our vision is to have more market vendors, jeepney, and tricycle drivers accepting digital payments through QR code linked to transaction accounts. This means we do not have to always bring cash with us when we go to work or the market– thereby reducing risk of theft.