Most importantly, whereas monetary policymakers clearly have the ability to determine the inflation rate in the long run, they have little or no control over the longer-run sustainable unemployment rate, which is primarily determined by demographic and structural factors, not by monetary policy.
Clearly, we cannot afford a unilateral approach; even if we do not agree on every policy detail, we continue to find ways to address issues together. With open channels of communication the Bangko Sentral and the banking sector continue to evolve in response to the needs of our growing economy. Today, our banking sector is sound, stable and liquid.