The ECB promotes the integration of financial markets in order to enhance the efficiency of the European economy but also because it facilitates the smooth and balanced transmission of the single monetary policy and increases its effectiveness. Cooperation between European institutions is not always properly recognised or even known.
In this connection, the Bangko Sentral ng Pilipinas has been implementing a series of moves in accordance with this overall thrust to provide better access to credit. Among others, we have done the following: •  First, we have reduced policy interest rate twice since December 2008 by a total of 100 basis points.