Given these positive outcomes, how do these play out and benefit our economy and our people? The first and most notable positive change is the transformation of the Philippine economy — from being described as the sick man of Asia, we have moved up as a rising tiger economy whose growth is among the fastest in the region.
I don’t want to make an assessment, but we have learned from them. First and foremost, communication will be essential. Last week, at a meeting with the heads of the national supervisory authorities, we agreed on key cornerstones, including core elements of the comprehensive balance sheet assessment. And how will it proceed? This plan must first be approved by the ECB’s Governing Council.