Current discussions of Fed reforms echo these past debates. But it is important to understand that history in both advanced and emerging economies across the world has consistently demonstrated the need for a central bank, and both the existence and the structure of the Federal Reserve are products of that historical experience.
Amando M Tetangco, Jr: The BSP and its partners – standing up to the global challenges today Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Stakeholders Awards and Appreciation Lunch for 2009, Central Bank of the Philippines, Manila, 14 July 2009.