While the amounts deposited with the Eurosystem rose dramatically (also reflecting an increased liquidity provision by the ECB in response to market tensions), 4 the average daily volume in the overnight unsecured interbank market in the euro area almost halved by late September 2008, suggesting that even the very short-term money markets were coming under stress. 5  1  Covitz et al.
It is unfortunate that we could not have hosted this meeting in Manila where we can personally meet and welcome you, but I am sure that this virtual conference will be just as engaging and productive. Behind the theme of this year’s meeting, which is aptly entitled “Internal Audit at the Forefront of Digital Innovation”, is a similar novel concept: Digital Darwinism.