2/4  BIS central bankers' speeches  We also subscribe to the idea that financial regulation can be a useful tool to contribute to the achievement of national and international environmental and social objectives. In this regard, the BSP has been actively involved in global and local conversations on sustainability though our membership in the Sustainable Banking Network, Alliance for Financial Inclusion and ASEAN.
The FOMC has not been clear about the purpose of its forward guidance. Is it purely a transparency device, or is it a way to commit to a more accommodative future policy stance to add more accommodation today? This lack of clarity makes it difficult to communicate the stance of policy and the conditionality of policy on the state of the economy.