It had four critical and mutually reinforcing parts: (1) meaningful fiscal consolidation in overly indebted countries; (2) sweeping financial sector reform; (3) wideranging structural reforms to boost future growth prospects; and (4) a necessary rebalancing of global demand between deficit and surplus countries, assisted by more flexible, marketdetermined, exchange rates.
Enabling regulatory environment On the part of the BSP, not only as your regulator but also your partner, we remain committed in providing an enabling regulatory environment that will support rural banks in overcoming emerging challenges and provide you with various opportunities to be more responsive to the markets that you would like to serve.