Policy rates, short-term interest rates, long-term interest rates, term spreads, deviations of levels from trends, and deviations of term spreads from trends are all regarded as important indicators of global liquidity conditions. On the other hand, quantity-based indicators of global liquidity measure both assets and liabilities of globally active financial intermediaries.
This annual ritual provides us the opportunity to come together to review the past and to share our roadmap moving forward. But first, allow me to call on my co-hosts tonight, the other members of the Monetary Board: Finance Secretary Cesar Purisima, MBM Alfredo Antonio, Ignacio Bunye, Peter Favila, Felipe Medalla, and Armando Suratos.