But the current difficulties can also be seen as an opportunity for a further integration of the European Union. In the medium-term we must improve the institutional framework for the euro area. Europe has always made its greatest steps forward in times of crisis or at least difficult times.
In 2003, again for the first time in the history of the Bangko Sentral, we drafted a medium-term plan focusing on our twin mandates of maintaining price and financial sector stability. The plan defined the strategic intent, key objectives, strategies and key operational plans in performing our core functions of monetary policy formulation and bank supervision and examination.