In a short phrase, you emphasize the need for direction through vision but likewise realize that success requires affirmative action. Towards this end, the BSP values the efforts of BAIPHIL to step up its capability-building initiatives. We also welcome BAIPHIL’s move to thoroughly align its varied activities with its vision of providing excellent banking support at par with the best in the Asia Pacific.
Long-term rates fell to new historical lows at the beginning of 1999 and there was an overall downward shift in the yield curve. Therefore, financing conditions for investment are currently exceptionally favourable. At present the growth prospects for the euro area are, however, still marked by the uncertainties relating to the development of the world economy in 1999.