4 Clearly, the financial implications of the alternative risk-sharing arrangements would be very different, and would depend crucially on how exchange rates are expected to move after the reserve transfer. The negotiation of any arrangement of this kind should therefore presumably be part of a more general agreement on a reform of the international monetary system.
Amando M Tetangco, Jr: Working on ASEAN governance standards Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the Financial Sector Forum on ASEAN Corporate Governance Scorecard, Manila, 24 September 2014. *  *  *  Good morning everyone and welcome to the Bangko Sentral ng Pilipinas.