In the final analysis, there is no smooth, straightforward and quick way out, either in the United States or in Europe. The processes of adjustment in putting public finances and economic structures in order again are not going to take a matter of months or a few years.
Whether you are here with us today at the Bangko Sentral ng Pilipinas (BSP) or are participating via audio-conferencing, it is my pleasure to welcome all of you. Thank you for joining this first by-invitation-chat we have organized for economic and financial analysts.