This shows that the discretionary use of fiscal policy is hardly a recipe for stimulating growth, especially when the “fiscal house” is not in order. At the same time, one should not be complacent about developments in Ireland.
This will be followed by the KEY strategic supervisory thrusts of the Bangko Sentral which are: (1) strengthening risk governance; (2) promoting responsible and responsive innovation; and (3) advancing the sustainability agenda in the financial system. I will discuss our continuing commitment and support to financial sector reform through the passage of key legislations. I’ll close by stating what we expect from BAIPHIL.