However, with the deepening of globalization, financial institutions have increasingly broadened their intermediation activities into non-home currencies, and as a result it has become increasingly difficult for central banks to put an end to liquidity crises on their own if financial institutions are confronted with liquidity issues in non-home currencies.
2  BIS Review 59/2009  We will continue to monitor developments to ensure that our policy settings remain appropriate and balanced. Nevertheless, while there has been monetary easing, the BSP remains unrelenting in its pursuit of reforms. We will continue to pursue greater efficiency, better risk management, stronger capitalization, improved disclosure and transparency practices, and enhanced corporate governance standards in the banking system.