hold. higher interest rates, combined with lower purchasing power in house - holds, have contributed to the necessary dampening of demand. fiscal policy, both in denmark and abroad, should also contribute to dampening inflation. the looser the fiscal policy, the tighter the monetary policy. if there is a wish to provide compensation for higher inflation, it should be targeted at selected groups and fall within the framework of an overall tight fiscal policy. in denmark, we had a healthy economy to begin with, with sound public finances and a strong labour market. employment has risen sharply in the wake of the pandemic, more so than in many other countries. our starting point has been an economy at risk of overheating, and a slowdown in growth is therefore both expected and necessary. market fluctuations make demands on management of liquidity and funding risks this is the economic situation that the financial sector needs to navigate in. it may not be easy. liquidity has become less abundant and credit spreads have risen from very low levels. the high volatility across assets have led to increasing collateral requirements in the derivatives markets for interest rates, currencies and commodities. this has increased the need for liquidity among the market participants that rely on derivatives to hedge their risk. in the uk, in september, we saw an example of just how wrong things can go. here, rising interest rates led to large falls in the value of pension companies'interest rate derivatives and government bonds. the requirement for increased collateral was met by selling off large volumes of bonds in the market. this raised fears of a negative price spiral and prompted the bank of england to intervene. fortunately, a similar scenario is less likely for danish pension companies. all in all, the danish pension sector is markedly better equipped to handle the interest rate hikes we're seeing right now. in fact, danish pension companies differ positively from their british counterparts in several respects : they are less leveraged, if at all, they have more highly liquid assets and better liquidity management. 2 / 6 bis - central bankers'speeches i admit that the development has been very rapid in the past year. but it can hardly come as a surprise that interest rates and the accompanying collateral requirement have increased. however, some pension companies still have only one or a few repo counterparties for provision of liquidity. this may prove inexpedient. the demand for liquidity may arise from several quarters. the pension sector's increased liquidity need is

benjamin e diokno : realizing the golden age of infrastructure speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 32nd environmental scanning exercise, manila, 26 june 2019. * * * members of the monetary board, colleagues from the bsp, guests, ladies and gentlemen, good morning! i am very pleased to welcome all of you to the 32nd bsp environmental scanning exercise ( ese ). while this is my first time to address this affair as the bsp governor, it is certainly not my first time to attend in this event. i was here eight years ago, in 2011, when i was invited to be a resource speaker on the topic public - private partnership ( ppp ) program. over the years, i have come to know that this forum serves as an important platform for the bsp to discuss relevant economic and financial issues with its stakeholders and experts. today, we have once again gathered experts to listen to their thoughts on a similar and very urgent topic – “ realizing the golden age of infrastructure. ” i say very urgent because this so - called “ hardware ” for economic growth, has been a major challenge to our country ’ s path to sustained inclusive growth. for instance, the 2018 global competitiveness index of the world economic forum ( wef ) ranks our public infrastructure at 92nd out of 140 countries. this indicates how far behind the philippines is compared to other countries. in fact, we could see and experience for ourselves that we need better roads, bridges, airports, seaports, and railway systems that will provide convenient movement of goods and services throughout the country. this is why the government has put in place the “ build build build ” ( bbb ) program at the forefront of its economic agenda to address the gaps in the country ’ s infrastructure sector. this program is expected to boost and expand the economy ’ s productive capacity and support a sustainable and inclusive economic growth. on our part, the bsp will continue to safeguard an enabling macroeconomic environment that will help facilitate the country ’ s “ golden age of infrastructure, ” through the implementation of sound monetary and financial policies. moreover, we continue to spearhead reforms that promote further deepening of our domestic capital markets. we have also worked on enhancing the quality of competition in the banking system by allowing the entry of new foreign banks and liberalized foreign exchange regulations. all these developments could help increase the availability