Amando M Tetangco, Jr: Overcoming obstacles to agricultural microfinance Remarks by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Regional Experts’ Consultation Meeting "Overcoming Obstacles to Agricultural Microfinance in Southeast Asia", Manila, 1 March 2007.
This is the result of the higher actual inflation rate reducing the rate of interest in real terms, given unchanged nominal interest rates. Ending the net asset purchases is therefore just a first step towards a necessary normalisation of monetary policy in the euro area. The next steps will of course depend on developments in economic activity and prices.