Response to the crisis (at national and EU level) In order to address the underlying economic and institutional challenges stemming from crisis, euro area countries had to respond with a comprehensive strategy. This strategy included both measures at the national level as well as at the level of European Union institutions. First, Europe responded with the creation of the necessary financial backstops.
Amando M Tetangco, Jr: Sustaining growth through insolvency reforms Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the 9th Forum on Asian Insolvency Reform, Manila, 3 December 2013.