This resulted in a massive expansion of the ECB’s balance sheet (Slide 13, right-hand side). Overall, these measures have ensured that the borrowing costs of businesses and households in the euro area have fallen considerably over recent years, and more strongly than would have been expected solely on the basis of the reduction in key interest rates (Slide 14, left-hand side).
Equally important, we believe that informed Filipinos make for better partners in ensuring that we have a sound banking system and a more efficient transmission mechanism for our monetary policy actions. They also wise up to financial scams. In the process, they help sustain balanced economic growth. This is the philosophy that underpins our economic and financial education program.