A central bank that was both independent and built to serve the whole of the euro area, and not individual member states, was able to create the required policy space in an extremely difficult context. This brings me to my conclusion. 6/8  BIS central bankers' speeches  Central banks are powerful, independent and unelected.
Although this law lapsed in August last year, Congress has already ratified the bill extending and enhancing the SME law. We expect this to be signed into law in the very near future. In the meantime, the Bangko Sentral ng Pilipinas encourages banks to continue supporting SMEs.