a more prospective solution : namely a page 7 sur 7 wholesale cbdc that could be issued by the eurosystem, deploying experiments such as the jura project of cross border wholesale payments in coordination with the bis and the swiss national bank. * * in the 1960s, us secretary of treasury henry fowler warned that " providing reserves and exchanges for the whole world is too much for one country and one currency to bear. " ix to fowler, we answer : “ we in the euro area are happy to help. ” i thank you for your attention and i wish you a good forum. i lagarde, c., challenges along europe ’ s road, speech, 11 may 2022 villeroy de galhau, f., the eurosystem and its monetary policy : from an “ impossible dilemma ” to a possible roadmap for normalisation, speech, 6 may 2022 iii qje paper by fahri and maggiori iv see the council conclusions on achieving the eu ’ s economic and financial strategic autonomy in an open economy : one year after the commission ’ s communication. v villeroy de galhau, f., capital markets union : unleashing europe ’ s potential, speech, 30 november 2021 vi ecb report on rie : only 60 % of extra - euro area exports of goods were invoiced in euro in 2020 vii recent research by amiti, itskhoki and konings viii see the document trade and investments in energy in the context of the eu common commercial policy ix quote available here https : / / www. imf. org / external / np / exr / center / mm / eng / mm _ sc _ 03. htm ii

benjamin e diokno : keynote speech – 2nd philippines - singapore business and investment summit keynote speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2nd philippines - singapore business and investment summit ; manila 25 march 2021. * * * philippine ambassador to singapore joseph del mar yap, ambassadors francis chua and benedicto yujuico of the philippine chamber of commerce and industry, my fellow philippine government officials, and all the participants of the 2nd philippines - singapore business and investment summit, a pleasant day to all of you. i ’ m glad to know that this event is now on its second year. it shows the interest among singapore - based audience to learn more about the philippines. the covid - 19 pandemic caused unprecedented health, economic, and social crisis globally. for the philippines, we entered the crisis in a position of strength. we were armed with strong macroeconomic fundamentals, which were a result of over 20 years of structural reforms. with ample monetary and fiscal space, crisis - response measures were implemented swiftly and decisively. together with the national government, the bangko sentral ng pilipinas implemented crucial measures to mitigate the pandemic ’ s impact on livelihoods and the economy. the bsp has so far injected php2. 0 trillion ( usd42 billion ) in liquidity to the financial system, equivalent to 11 percent of the country ’ s gdp. our unprecedented measures fell under three categories : first were measures to boost market confidence, such as cuts in the policy rate and the reserve requirement ( rr ). second were extraordinary liquidity measures, such as provisional advances to the national government and purchases of government securities in the secondary market. third were regulatory and operational relief measures to sustain the stability of the financial system and ensure access to financial services at a critical time. for instance, we counted loans to micro, small, and medium enterprises ( msmes ) as compliance to the reserve requirement, increased the single borrower ’ s limit, and raised the limit for real - estate loans. that said, the bsp recognizes that the timing for the unwinding of our response measures is crucial. we will carry out disengagement strategies in a manner that avoids risks associated with early or late implementation. now is the right time to talk about “ disengagement strategies ” because the world — the philippines included — is in the recovery phase