– along the lines of Robert Gordon’s views might be another. Others would point to excess debt in many jurisdictions as another. If trend growth is lower and we can’t or don’t want to do anything about that, then expectations about future incomes, tax bases and so on will have to be reconfigured.
*** My beloved colleagues in the Monetary Board, Deputy Governors, officers and colleagues, magandang umaga po at isang masaganang bagong taon po sa ating lahat! I hope that the past few days offered some form of rest and respite from the year that just ended, as well as clarity and purpose for the year that has just started.