First, the creation of infrastructures for OTC derivatives with the decision to clear all standard derivatives products on central infrastructures by end-2012 at the latest. The Commission proposal for a European framework has been designed so as to aim at a level playing field with the approach in the United States. If decided on in due course, timely implementation could be assured.
Amando M Tetangco, Jr: Overview of the Philippine economy against the background of a difficult global environment Remarks by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Foreign Correspondents Association of the Philippines (FOCAP), Manila, 23 July 2008.