Elevated global commodity prices, heightened geopolitical tensions,as for example, the RussiaUkraine conflict, and the uneven pace of vaccinations across jurisdictions could dampen the outlook for global economic recovery. Moving forward, the BSP’s actions and policy thrusts will continue to be anchored on its core mandates of promoting price and financial stability.
These two areas of responsibility intersect at the banks. Besides being a crucial element in the monetary policy transmission process, banks are also the object of banking supervision. This, of course, gives rise to conflicts of interest, as it creates a banking supervisor with access to central bank liquidity.