The careful monitoring of macro-economic aggregates and their projections successfully supported monetary policy decisions in this view of the world which seemed fairly appropriate up to about ten years ago. Like I hinted at in my introduction, several developments might have called into question this fairly simple framework.
That said, the BSP recognizes that the timing for the unwinding of our response measures is crucial. We will carry out disengagement strategies in a manner that avoids risks associated with early or late implementation. Yet, while we are responding to the pandemic, we remain laser-focused busy in pursuing further reforms to improve our conduct of monetary policy and financial sector supervision.