We learned much from history in crafting the extraordinary policy response at the height of this crisis. Whereas I expect that many early members of the Mount Stephen Club may have lived through very hard times during the Great Depression of the 1930s, this time around the scale of the economic fallout was considerably less severe for Canadians.
On behalf of the Monetary Board and the Bangko Sentral ng Pilipinas, I welcome you all to the 6th ASEAN Central Bank Heads of Internal Audit Network Meeting, which the BSP is hosting for the first time.