By contrast, the ECB’s purchases of bonds aim to ensure that our official short-term interest rates are transmitted in a proper way to the economy. Another difference is that the ECB fully sterilises the liquidity injected in the market through its SMP while this is not the case in the US and the UK.
Amando M Tetangco, Jr: Microentrepreneurial success in the Philippines Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Microentrepreneur of the Year (MOTY) Awards 2008 Launch, Manila, 15 May 2008. *  *  *  Fellow workers and advocates in microfinance, special guests, good morning.