Only later did we start to understand that the problem went much deeper. And I think that those who are critical of the ECB today underestimate that. The fundamental problem was that for years we were much too optimistic about future growth.
The BSP has likewise provided liquidity boost to the financial system by reducing the reserve requirement ratio (RRR), suspending the term deposit facility auctions for certain tenors, ensuring availability of the overnight lending facility (OLF) to counterparties to cover temporary day-to-day liquidity needs, and scaling down of RRP operations to help provide sufficient liquidity in the interbank loan and government securities markets.