ewald nowotny : financial cycles and the real economy – lessons for cesee opening remarks by prof dr ewald nowotny, governor of the central bank of the republic of austria, at the conference on european economic integration ( ceei ) 2013 “ financial cycles and the real economy – lessons for cesee ”, vienna, 18 november 2013. * * * good morning, ladies and gentlemen, it is a great pleasure for me to welcome you to this year ’ s conference on european economic integration, which will be dealing with the topic of “ financial cycles and the real economy : lessons for cesee. ” let me start by sharing some general observations and thoughts with you. the economic situation in europe in general and in the euro area in particular has started to improve over the last few months. at the same time, unemployment rates have stabilized in most economies of the european union ( with the exception of cyprus, where macroeconomic adjustments are in full swing ) and sentiment indicators point toward a soft recovery in the next few quarters and beyond. although the heterogeneity of economic performance across the euro area remains a cause for concern, recent forecasts expect some rebalancing in 2014 on the back of a rather broad - based improvement in the macroeconomic outlook. as a consequence, of course, perceptions have started to change : during the annual meetings of the imf and the world bank this fall, europe was no longer the focal point of concern. while this is encouraging, the situation remains greatly diverse across individual countries, and efforts now need to focus on completing ongoing adjustments. likewise, the institutional changes in progress or envisaged at eu level need to be successfully implemented and put into practice. in a similar vein, central, eastern and southeastern europe ( cesee ) is also gradually recovering. there, as in western europe, economic performance varies substantially between individual countries, and efforts to move toward a balanced growth model, which were at the center of attention at last year ’ s ceei, need to be continued. the recent recovery in the real economy is also supported by the decrease in financial market tensions which began in late 2012 not least because of a very accommodative monetary policy response. however, the institutional reforms that are currently being carried out in response to the crisis will have to remain a top priority for policymakers across europe. at the moment, one of the key institutional reform efforts in the eu is the creation of a banking union. with the establishment of

benjamin e diokno : macroprudential policy strategy framework the case of the philippines opening statement by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the public release of the macroprudential policy strategy framework : the case of the philippines, 22 july 2020. * * * good morning to all our friends from the financial market, multilateral agencies and the media. three weeks ago, the fscc held a press briefing with two important messages : first, that 2019 coronavirus disease ( covid - 19 ) is different from prior crises because it is a direct shock to the real economy, to supply chains, and to the welfare of families and individuals. second, based on our reading of a wide array of indicators and our own surveillance of what is happening on the ground, we do not see any indications as of yet that our financial market has been impaired irreparably. as the council convened after the global financial crisis, our task has always been about ensuring the health of the financial system so that it remains a pillar for the financial consumer. financial authorities have come to understand that there is something about the risk behaviors of various financial market stakeholders that creates outcomes for the system that cannot be tracked by simply overseeing the balance sheets of individual market stakeholders. as i mentioned at our last press briefing, that “ something ” is the way risk behaviors connect, complement, and correlate with each other, creating new channels of risks through contagion. today, the council is again with you to share another milestone. just as we had the opportunity three weeks ago to launch the financial stability report on its maiden semestral release, we have invited you today for the public release of the country ’ s macroprudential policy strategy framework. that is a bit of a tongue - twister but at its core, the framework reflects how your financial authorities define systemic risks, how we are monitoring changes in risk behaviors, and how we are moving forward in managing this policy concern. the overarching concern is that of financial stability which is specifically about managing systemic risks. these risks, in turn, are specifically defined, consistent with global understanding and practice. and the means for taking action are what we refer to as macroprudential policy. to help put all of the different components, the framework document includes a scoping statement that defines the perimeter of our work on systemic risk management.