I am pleased to join you at this 3rd Asian Banker Philippine International Banking Convention. This provides us the platform to share the continuing transformation of our banking industry in the midst of global challenges, the start of our compliance with Basel 3 in 2014, and issues related to expansion and competition. Ladies and gentlemen.
National authorities can make a substantial contribution, not only by implementing sound structural policies, but also by ensuring a proper functioning of adjustment mechanisms within the euro area and by implementing well-designed fiscal policies.