Not doing so would mean “taking the pain but missing out on the gain”, as Benoît Cœuré has aptly put it. The structural reforms that are now needed are the ones that unleash innovation and propel productivity. We also need them now because these are the reforms that can credibly raise expectations of a higher income in the future.
The banks understand that; Deputy Governor Mamerto Tangonan and the Payments and Currency Management Sector; I think, Ed is feeling bad so he could not be here this morning, but Deputy Governor Ed Bobier and the Corporate Services Sector; and of course, how could I forget, my former student, Deputy Governor Berna RomuloPuyat and the Regional Operations and Advocacy Sector.