amando m tetangco, jr : the cornerstones of a thriving economy opening speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the 2007 awarding ceremony for bsp stakeholders, bangko sentral ng pilipinas, manila, 4 july 2007. * * * members of the monetary board, distinguished guests ; heads, chief executive officers and personnel of our partner firms ; my colleagues at the bsp ; ladies and gentlemen : magandang umaga po sa inyong lahat! on behalf of the members of the monetary board as well as the men and women of the bangko sentral ng pilipinas, i thank all our stakeholders, the media, and other special guests for joining us this morning. today, we give recognition to our partners from the business and government sectors who regularly invest time and effort to provide complete and reliable information to us. these are vital statistics and information that guide the bangko sentral ng pilipinas in formulating appropriate and timely policies and programs. indeed, one cannot overemphasize the importance of having complete and accurate information as basis for making decisions that can significantly affect a big number of our people. in fact, the cornerstones of a thriving economy are reliable, timely and complete information. otherwise, it would be garbage in, garbage out. gaining public recognition for the importance of statistics and information that we produce, monitor and disseminate therefore is a continuing undertaking with you as our information providers. i am pleased to report that the dividends from our partnership have been highly encouraging. among others, this partnership has allowed the bangko sentral to be forward - looking and information - intensive in the formulation of monetary and financial policies. as a result, we have been doing quite well insofar as our monetary policy is concerned. in fact, even as oil prices are hitting historic high levels, we manage to tame inflation at low and stable rates : in june 2005, for instance, our inflation rate was 7. 6 % ; last may, it had dropped to 2. 4 %, a level comparable to those in developed countries. it is also significant to note that even as we continue to experience solid and broad - based economic growth, we have been able to keep the lid on inflation, maintained interest rates at low levels, and the peso stronger. meanwhile, the bangko sentral this year gave a

vitor constancio : accounting and financial reporting by central banks speech by mr vitor constancio, vice - president of the european central bank, at the fourth ecb conference on accounting, financial reporting and corporate governance for central banks, frankfurt am main, 3 june 2014. * * * good morning ladies and gentlemen, welcome to the fourth ecb conference on accounting, financial reporting and corporate governance for central banks. and, of course, a special welcome to the distinguished speakers and our thanks for their participating and sharing their thoughts on the topics covered today and tomorrow. this conference has become well established in the meantime, as demonstrated by the audience, the size of which, to our regret, had to be restricted on account of insufficient space. the good news is that in the years to come, we will have more room at the ecb ’ s new premises. the conference will deal with four main topics on which i would like to say a few words : developments in international accounting standards ; interaction between financial reporting and financial regulation ; central bank balance sheets in stormy times ; and central bank financial reporting and governance issues. on the first topic, the ecb supports the establishment of a single set of global accounting and financial reporting standards. this is vital for the sake of consistency, comparability and thus transparency. it is also important not only for investors and other stakeholders, but also with a view to banking supervision and regulation. as you all know, accounting information serves as a basis for various prudential measures, such as minimum capital requirements and the leverage ratio. in the eu, the new capital framework for banks that came into effect on 1 january 2014 ( what is known as the “ crr / crd iv ” ), and the supervisory approach within the single supervisory mechanism ( ssm ), is aimed at harmonising prudential requirements and practices for all eu banks. this is commonly referred to as the “ single eu rulebook ” or the “ single supervisory model ”. the coexistence of different accounting frameworks would obviously be inconsistent with this objective. nevertheless, the ecb understands that the international accounting standards board ( iasb ) may have to go towards the finalisation of international financial reporting standard ( ifrs ) 9, even if a broader agreement cannot be achieved. to pick out one particular issue, the ecb considers the more forward - looking loan - loss provisioning as a positive development. while acknowledging that the replacement of the incurred - loss model by