andreas dombret : deutsche bundesbank ’ s 2012 financial stability review – the risks to the german financial system speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the presentation of the deutsche bundesbank ’ s financial stability review 2012 “ the risks to the german financial system ”, frankfurt am main, 14 november 2012. * 1. * * risks : an overview the risks to the german financial system remain high. for a number of years now, we have seen the risk situation being shaped by the development of the financial and debt crisis. i do not expect these factors to decouple in the near future. that is why the european sovereign debt crisis remains the greatest threat to financial stability in germany. at the same time, the risk map will need to be redrawn, as monetary and fiscal policy measures on a massive scale were needed to stabilise the financial system. this has entailed an ever greater transfer of risk to the public sector and has caused the low - interest rate environment to become entrenched. the side - effects of short - term stabilisation measures can leave a difficult legacy for financial stability in the medium to long term. that is why we need to make a distinction between acute risks and medium - term risks. acute risks are like a rear - view mirror in which the financial and sovereign debt crisis is visible. acute risks are located primarily in the legacy portfolios of asset - backed securities and sovereign risk in the context of the sovereign debt crisis. medium - term risks, meanwhile, require us to look ahead and consider what might be around the next corner. preventive macroprudential oversight has to take medium - term risk factors very seriously. its task is to promptly identify potentially unhealthy developments that might unfold and endanger financial stability in the future. today, we can see a growing number of the risk factors that played a role in the run - up to the financial crisis. the financial stability review 2012 addresses three topics : • first, the entrenched low - interest rate environment. this is spurring the search for yield. • second, real estate prices. these are showing accelerated growth in germany ’ s urban centres. the experiences of other countries show that precisely such an environment of low interest rates and high liquidity can encourage exaggerations on the real estate markets. and this can pose a considerable threat to financial stability. • lastly, the global shadow banking

benjamin e diokno : opening remarks macroeconomic conference series for the regional opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the regional macroeconomic conference series, manila, 21 february 2022. * * * to our partners from the banking and business sectors, the academe, colleagues from the government, members of the monetary board, ladies and gentlemen, good morning. to our guests from davao and soccsksargen regions, " maayong buntag. " and for those from the bangsamoro region, " mapiya mapita. " welcome you all to our regional macroeconomic conference series ( rmcs ). this is the second leg of the regional conference since its launch in cebu city on september 28, 2021. the rcms is one of regional operations'many efforts to bring the bsp closer to the filipino people. we are doing this virtually for now but i look forward to when we can finally do this face to face. in any case, may the discussion ahead harness a broad spectrum of opinions and insights, your experience on the ground is valuable to us as we take these in consideration in our policy diretions. two topics stood out as your top concerns through a survey : 1 ) recent economic developments focusing on a regional perspective and 2 ) general banking system developments. today's presentation will focus not only on the davao region development but also on soccsksargen and barmm, particularly maguindanao and cotabato city. overall, the economy of mindanao remains afloat despite the pandemic. davao region is an emerging investment hub and is becoming a sustainable place for global business. on the other hand, soccsksargen region successfully hurdles the challenge with its competitive cities and provinces leaping strides. meanwhile, barmm achieved several significant investments feats and withstood gaps and challenges. while our current experiences pose challenges, it is also a reminder that a robust financial and banking system combined with proactive policies can mitigate the impact of covid - 19. but achieving economic recovery requires contributions from the monetary and fiscal fronts, and the private sector as well. in that sense, this event is timely as we engage with all of you as partners in pursuit of the country ’ s economic recovery. with this in mind, let me share share with you a quote from german writer johann wolfgang von goethe [