It is, perhaps, out of recognition that the old “normal” cannot go on that the ECB has moved resolutely in the direction of encouraging more coherence in Euro Area macroeconomic policy. As Europe’s inflation rate has declined, the ECB has begun urging governments to consider some easing of budget consolidation while expanding its own monetary easing programme.
Although this law lapsed in August last year, Congress has already ratified the bill extending and enhancing the SME law. We expect this to be signed into law in the very near future. In the meantime, the Bangko Sentral ng Pilipinas encourages banks to continue supporting SMEs.