But, crucially, it should have sufficient firepower to effectively contribute to macroeconomic stabilisation. It needs to be sizeable and agile enough to react rapidly to emerging threats. But macroeconomic stabilisation in the euro area can only function properly when other EMU features and institutions are adequately designed and operational. First, the banking union needs to be completed.
Let us also congratulate and thank CPO for organizing this insightful midyear organizational performance review session, and acknowledge all the other departments and offices that have provided support to this undertaking. Mabuhay ang Bangko Sentral! Mabuhay ang ating bansang Pilipinas! Maraming salamat sa inyong lahat! Let’s enjoy the rest of the evening. 2  BIS Review 103/2008