sustainable economic growth. thirdly, price stability cannot by itself guarantee financial stability. where the economy maintains low prices and rapid growth for a lengthy period of time, an accumulation of financial imbalances threatening financial system stability can even perhaps be overlooked. last but not least, in a world economy of great mutual dependency between the financial and real sectors of the economy, to counter global financial crises we have no option but international cooperation. fortunately, in the early stages of this last crisis, it proved possible to achieve successful international policy cooperation through the g20, the premium forum leading the international debate on world economic stability. under the aegis of the g20, moreover, the financial stability board and the basel committee on banking supervision efficiently headed up international cooperation in the sphere of financial regulation. macroprudential policy tasks in the wake of the global financial crisis, the dangers of systemic risk propagation must be recognized and the macroprudential soundness of the economy as a whole enhanced so as to counter them. prior to the global financial crisis there was insufficient understanding of financial systemic risk in countries around the world, and we cannot deny that the significance of such risk was underestimated. similarly, in seeking to reduce the severe damage to the real economy arising from systemic risk, we need to move away from an emphasis on microprudential regulation, to an approach that also incorporates macroeconomic policy dimension. based on the aforementioned lessons from the global financial crisis that i mentioned above, countries around the world are now involved in drawing up various plans for underpinning sustainable and balanced growth, in a process centering around the g20. and at the last g20 summit in seoul, substantial outcomes were achieved in the move toward introduction of macroprudential policy - based financial regulation. this being said, a large number of issues remain unresolved, as the introduction of macroprudential regulation is still in its infancy. let me cite some examples. how should financial stability, which is the goal of macroprudential policy, be defined? and again, how can we reconcile macroprudential policy tools with our instruments of microprudential regulation? further, how should we pursue financial stability jointly with monetary policy, which emphasizes price stability, and what institutional arrangements must be put into place to facilitate macroprudential policy cooperation with the supervisory authorities? on these and other issues, proposals either upon experience or upon concrete theoretical grounds have yet to be presented. meanwhile, correcting the di

the visayas region, the security thread of the 200piso banknote changes colors from green to blue. lastly, the 100 - piso was designed after an indigenous textile from the bicol region and with colors that shift from violet to bronze. all these banknotes also have three - dimensional and holographic features. in addition, the 1000 - piso and the 500 - piso banknotes feature design elements that use optically variable ink, which enables change in color when viewed at a different angle. the value panels of these two banknotes were added with a rolling - bar effect when tilted from left to right, and vice versa. finally, a distinct security feature will help us achieve our mission of bringing bsp closer to filipinos. we added tactile marks to the banknotes specifically intended to help the elderly and 1 / 2 bis central bankers'speeches visually impaired to quickly identify the value or denomination of the banknote. pairs of short horizontal bands are printed in intaglio or engraved at the extreme right and left sides of the note. a 1000 - piso has five pairs of this tactile mark ; the 500 - piso will have four pairs ; three pairs for the 200 - piso ; two pairs for the 100 - piso ; while a 50 - piso will have one pair of tactile marks. through this distinguishing feature, the elderly and the visually impaired will be more confident in using the banknotes for their transactions, paving the way for financial inclusion. needless to say, our banknotes are the treasure of our nation — as we always remind the filipino public, “ ingatan natin ang ating salapi, salamin ito ng ating yamang lahi. ” let us all do our part in preserving and safeguarding its value. maraming salamat at magandang hapon sa ating lahat! 2 / 2 bis central bankers'speeches