tangible steps on this regard is a positive development, but they are still early on the learning curve. they must act more aggressively and more decisively to meet our expectations of incorporating climate - related and environmental risks into their overall risk management frameworks. conclusion let me now briefly summarise the main points of my remarks and conclude : the adverse geopolitical developments led to a significant and persistent increase in inflation, associated with output loss and elevated economic uncertainty. this situation, combined with pre - existing challenges, such as the climate change and the new protectionism trend, requires a new approach in monetary policy and constitutes a major test for policymakers in the euro area and around the world. in cyprus, the consequences of the adverse geopolitical events to the economy and the banking sector are so far contained, but the second round effects have not yet materialised and uncertainty in an environment with high inflation and weakened growth prospects might lead to unpredictable new challenges. therefore, close monitoring is of utmost importance for a timely and decisive reaction. thank you for your attention. 6 / 6 bis - central bankers'speeches

amando m tetangco, jr : the central bank of the philippines in 2008 – one dynamic team new year ’ s message by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), to bspers, at the bsp flag raising ceremony, bsp complex, malate, manila, 7 january 2008. * * * magandang umaga at maligayang bagong taon sa inyong lahat! fellow central bankers. i am very pleased that i am the first speaker this year for our traditional weekly flag - raising ceremony. alam po ninyo, gusto ko pong magpasalamat muli sa inyong lahat dahil talagang maganda ang naging resulta ng 2007 para sa atin sa bangko sentral ng pilipinas. we were able to keep inflation at low and stable rates, our banking system is stronger, we have record high international reserves, record high balance of payments surplus, and our peso is the best performing currency in asia. for this, let us give ourselves a well - deserved round of applause! if you recall, the monetary board improved our salary scheme and incentives program in 2007 in recognition of our good performance. kaya ba nating ulitin ito?!!! kaya!!! i agree with you ; especially if we resolve individually and collectively to find even better ways of doing things in our respective sectors. while we have been performing well in terms of our mandate, you and i know there is always room for improving our performance. it can be as simple as using recycled paper for our draft reports, completing our assignments well ahead of time, conserving water and electricity, finding more cost - effective ways of doing our work, setting higher standards for the quality of work we do, and contributing to the overall effort to transform the bangko sentral ng pilipinas into a world - class monetary authority. fellow bspers. the months and years ahead hold a lot of challenges that demand new and better ways of doing things. our operating environment continues to evolve and change. therefore, it is not feasible to remain static and continue to depend on old systems and procedures. thus, while we have become good inflation targeters, we still continue to seek third party expert evaluation of the tools we use to craft and implement responsive monetary policies. the monetary stability sector will also implement more streamlined