may be implemented sooner than implied by the baseline scenario. however, given that higher oil prices will also worsen the current account balance, a possible policy response will consider macro financial risks as well. therefore, the exact content of the adopted policy mix may vary depending on the outlook for external demand, capital flows and the credit growth. esteemed guests, we will continue to monitor fiscal policy developments closely while formulating our monetary policy strategy. our inflation forecasts assume that the ratio of fiscal expenditures to gdp will evolve as projected in the mtp. a revision in the monetary policy stance may be considered should the fiscal stance deviate significantly from this framework, and consequently has an adverse effect on the medium - term inflation outlook. increasing government saving, thus sustaining fiscal discipline, under current circumstances is essential to control the current account deficit driven by the divergence between domestic and external demand. therefore saving the extra tax revenues driven by the stronger - than - expected economic activity would not only reduce financial stability risks, but also enhance the effectiveness of the new policy mix. bis central bankers ’ speeches monetary policy in the period ahead will continue to focus on building price stability on a permanent basis. to this end, the impact of the macroprudential measures taken by cbrt and other institutions on the inflation outlook will also be assessed carefully. fulfilling the commitment to maintain fiscal discipline and strengthening the structural reform agenda in the medium term would contribute to the improvement of turkey ’ s sovereign risk, and thus, enhance macroeconomic stability and the price stability. maintaining fiscal discipline will also provide more room for monetary policy maneuver and support the social welfare by keeping interest rates permanently at low levels. i would like conclude my remarks by reiterating that implementation of the structural reforms envisaged by the mtp and the european union accession process remains to be of the utmost importance. thank you for your attention. bis central bankers ’ speeches

benjamin e diokno : continuity, collaboration and a better future speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 1st fintech alliance summit, manila, 26 march 2019. * * * fintech alliance philippines chairman lito villanueva, fintech alliance philippines members, industry partners, fellow monetary board members, ms. tess espenilla and family, colleagues from the bsp, and workers in government, friends from the media, esteemed guests, ladies and gentlemen, good morning. i am honored to be your keynote speaker during the 1st fintech 1 alliance summit. this is my first time, as bsp governor, to address the country ’ s leading companies in the financial technology sector. as such, today is an opportune time to share with you that i fully support and will carry forward our financial inclusion agenda so that financial services are made more accessible to a greater number of filipinos. in fact, i expressed the same during my first press conference as bsp governor earlier this month. thus, i am indeed glad that you chose “ inclusion and digital transformation ” as conference theme because this is truly in line with my policy priorities. launch of the governor nestor a. espenilla, jr. institute for growth and national inclusion, transformation and empowerment ( ignite ) i understand that most of you here had the great opportunity to work closely with my predecessor, the late nestor a. espenilla, jr., who championed financial inclusion and digital transformation. we are all undoubtedly inspired by the life and work of gov. nesting. it is thus fitting that later this morning, we shall witness the launch of the governor nestor a. espenilla, jr. institute for growth and national inclusion, transformation, and empowerment or ignite. ignite is a multi - stakeholder, research - based and data - driven advocacy. it is a social transformation platform that leverages on technology to empower financially unserved and underserved filipinos for more inclusive growth. i hope that with ignite, we can open a world of new possibilities and better opportunities to the financially excluded. as plans are being finalized, let us continue putting our collective energies behind this project, and to push forward our inclusive growth agenda at full speed. to ms. tess espenilla and family, may you take comfort in knowing that his legacy continues to live — and today