We questioned how effective the Bundesbank had been, in the sense that recessions were at least as costly (in terms of lost output) in Germany than they had been in other countries with less independence. That is, the sacrifice ratio in Germany was not lower, which would have been expected if there had been a material credibility benefit from the Bundesbank's independence.
With the commitment and perseverance of my predecessors as well as the support of our lawmakers and the National Government, our legislative advocacies have borne fruit with the passage of the landmark laws for the financial system. In October 2018, Republic Act (RA) No. 11127, or the National Payment Systems Act (NPSA) was signed into law.