It was my distinct pleasure to speak about our role and share our initiatives with all of you. Maraming salamat. 4/4  BIS central bankers' speeches
In fact, capital flowing from productive economies to relatively unproductive economies in combination with a relaxation of lending standards might have contributed to the house price booms in Ireland and Spain. From a policy perspective, this emphasises the need to take into account country specificities when addressing imbalances in housing markets.