speech breaking the persistence of inflation speech by christine lagarde, president of the ecb, at the ecb forum on central banking 2023 on “ macroeconomic stabilisation in a volatile inflation environment ” in sintra, portugal sintra, 27 june 2023 inflation in the euro area is too high and is set to remain so for too long. but the nature of the inflation challenge in the euro area is changing. we are seeing a decline in the inflation rate as the shocks that originally drove up inflation wane and our monetary policy actions are transmitted to the economy. but the pass - through of those shocks is still ongoing, making the decline in inflation slower and the inflation process more persistent. this persistence is caused by the fact that inflation is working its way through the economy in phases, as different economic agents try to pass the costs on to each other. and while it has been anticipated for some time in our staff projections, we have revised our assessment as new data have come in. monetary policymakers need to address this dynamic decisively to ensure that it does not lead to a selffulfilling spiral fed by a de - anchoring of inflation expectations. so, the key question we face today is : how can we break this persistence? in the ecb ’ s governing council, we have been clear that two elements of our policy stance will be key : we will have to bring rates to “ sufficiently restrictive ” levels and keep them there “ for as long as necessary ”. both elements are affected by uncertainty about the persistence of inflation and about the strength of the transmission of monetary policy to inflation. setting the right “ level ” and “ length ” will be critical for our monetary policy as we continue our tightening cycle. in my remarks today, i will explore why the inflation process has become more persistent and what this implies for our policy stance. my intention is not to signal any future decisions, but rather to frame the issues that monetary policy will face in the period ahead. the inflation shock the euro area economy has faced a series of overlapping inflationary shocks since the end of the pandemic. [ 1 ] since the beginning of 2022, these shocks have both raised the price level by 11 % and led to us transferring more than €200 billion to the rest of the world in the form of a terms of trade tax. in an environment such as this, the natural reaction of every economic agent is to try to pass on these price increases to other actors in the economy

nestor a espenilla, jr : asean + 3 - emergence, sustainability and success speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the amro - bsp joint seminar on asia's emergence in the new world order : growth, integration and resilience, manila, 3 may 2018. * * * fellow central bank governors, asean + 3 macroeconomic research office ( amro ) headed by dr. junhong chang, distinguished panelists, ladies and gentlemen, magandang umaga... a pleasant morning to all. on behalf of the monetary board and the bangko sentral ng pilipinas, i am pleased to welcome you to manila and to this joint seminar. we proudly collaborate with amro and co - host this event. it is an excellent opportunity for open discourse and the exchange of vital insights in economic policymaking and on developments in central banking in the region. this joint seminar hopes to provide asean + 3 economies with broader insights in dealing with contemporary challenges. it also aims to elicit stronger consensus in fostering deeper regional integration as a critical strategy to reduce external vulnerabilities and sustain our standing as an economic powerhouse in the new world order. asia ’ s economic emergence the seminar ’ s theme, “ asia ’ s emergence in the new world order : growth, integration and resilience ” invokes some feelings of nostalgia. like most of you here, we stand not as passive witnesses, but as active participants in southeast asia ’ s emergence and transition from being a developing - economic region into a dynamic economic powerhouse. at the core of asean + 3 ’ s successful growth story is globalization, which paved the way for greater trade openness and deeper economic integration in the region. i believe that member states have positively leveraged on regional integration to retain their collective growth momentum. integration has also provided the additional impetus for individual country growth. asean + 3 has become a major global economic player. in 2016, the region accounted for more than a quarter of the world ’ s gross domestic product ( gdp ). with its combined output, the asean + 3 region was considered as the richest economy in 2016. asean + 3 ’ s unrelenting expansion in recent decades can be attributed to adherence to sound macroeconomic management. there has been a credible and collective commitment to longrun development. the philippine economy in asean the narrative of the