U.S. motor vehicle sales have fallen almost 40 per cent from their average monthly sales value reported between 2000 and 2007. With similar declines in Europe and Asia, there is a global auto crisis, with significant multiplier effects on global growth. We expect that the eventual U.S. recovery will be much slower than usual.
Amando M Tetangco, Jr: Moving forward together Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the Alliance for Financial Inclusion Annual General Meeting “Independence, Host Country and Governance”, Port-of-Spain, Trinidad and Tobago, 9 September 2014.