No less important is a stricter supervisory regime like the one which Europe is looking to achieve by establishing the banking union. But even a credible no-bailout regime will only have the intended disciplining effect when doubts begin to emerge over a country’s fiscal soundness.
Amando M Tetangco, Jr: Crafting policy in a shifting operating environment Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the 2012 FINEX National Conference, Manila, 5 October 2012. *  *  *  It is a pleasure to join you on your 44th National Conference.