Lastly, the amended BSP Charter also restores the central bank’s authority to obtain data from any person or entity from the private and public sectors for statistical and policy development purposes to allow us to better fulfill our threefold mandates.
In as much as global imbalances – no matter whether they were caused by a “consumption binge” in advanced economies or a “savings glut” in EMEs – were the root cause of the crisis, reducing imbalances is a necessary condition for restoring global financial stability. The post-crisis debate on global imbalances has three interrelated facets.