for the development of an effective insolvency system. but this is not enough, as we have seen in countries that have modernized their laws. we need to ensure its proper, effective and timely implementation. it is equally important therefore to focus on developing strong institutions that would interpret and implement the laws. combined, a well - developed insolvency law and strong institutional capabilities provide a good foundation for a smoothly functioning insolvency system. among others, we need appropriate accounting and auditing standards ; transparent and accountable court systems and better insolvency administrators ; enhanced corporate governance in corporations and financial institutions ; and effective regulatory oversight. in this connection ladies and gentlemen, we will highlight in this forum the key stakeholder roles in insolvency reforms as part of the development of a strong institutional insolvency infrastructure. it is structured around two basic themes which are critical goals of modern and efficient insolvency systems : these are financial stability and responsible access to finance. bis central bankers ’ speeches in this forum, therefore, discussions will cover the following : • the design of an optimum financial institutions resolution regime ; • the development of modern insolvency systems for natural persons ; • the determination of whether special treatment in insolvency for state - owned enterprises is warranted ; • the on - going international dialogue concerning recovery and resolution framework for non - bank financial institutions ; • loan reclassification and restructuring practices in various jurisdictions ; • market conduct regulation ; • consumer protection measures to mitigate the risks of consumer over - indebtedness and consumer insolvency ; • treatment of smes in distress ; • resolution proceedings for financial institutions ; • the role of the court in insolvency proceedings ; and • national updates on insolvency systems. ladies and gentlemen. we have a full and rich agenda for this gathering. and with everyone here actively participating in the discussions, i am confident that this 9th forum on asian insolvency reform will be successful in helping us move toward a strong insolvency regime that promotes sustainable growth and development, financial stability and investor confidence. finally, in the spirit of ensuring a healthy balance in everything that we do, i also invite our foreign delegates to take the time to get to know our people, our culture and our country better after our forum. i hope you will have fond memories of your stay here. thank you all and mabuhay! bis central bankers ’ speeches

. 2 % quarter - on - quarter in q2, down from 0. 4 % in q1, weighed down by weak exports and slack investment. by contrast, private consumption continued to grow, driven by the relative relatively robust labour market. on the supply side, industrial activity contracted in this period, while services behaved more positively. by country, the decline in activity in the german economy and the stagnation in italy were notable. moreover, the indicators available suggest that euro area economic activity remained weak in q3. thus, the trade and industrial activity indicators signalled continuation of the deterioration. also, some qualitative indicators of services activity and employment showed a decrease, which may indicate that the weakness is beginning to spread to these activities. the slowdown in employment, along with the gradual decline in consumer confidence in q3, points to more modest growth of private consumption, until now the main driver of growth. against this background, in september, the european central bank ( ecb ) revised its macroeconomic forecasts for the euro area as a whole. expected gdp growth was revised downwards, especially for 2020. specifically, growth of rates of 1. 1 % and 1. 2 % are now projected for 2019 and 2020, respectively, in both cases below the rates projected in june. 3 / 18 in the medium term, activity is expected to recover, underpinned by favourable financial conditions and a slightly expansionary fiscal policy, in the event of a gradual disappearance of political and trade uncertainty. despite this downward revision to macroeconomic forecasts, the ecb ’ s governing council emphasised the existence of significant downside risks to the baseline scenario, arising mainly from a possible escalation of trade tensions. it should be taken into account, as i have just stressed, that the baseline scenario of the ecb ’ s macroeconomic projections, like those of the banco de espana, which i will refer to below, are based on the assumption that there will be a brexit agreement and trade tensions will dissipate. inflation in the euro area, meanwhile, remains low. in q3, inflation developments were marked by the downward dynamic of energy prices and the persistence of moderate rates for services. the 12 - month rate of change of the harmonised index of consumer prices ( hicp ) fell by 0. 8 % in september, and underlying inflation, which excludes energy and food prices, stood at 1 %. in fact, since 2013, average euro area inflation has