rafael buenaventura : implementation of bsp rules on the transport of currencies keynote address by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the bsp strategic planning conference, manila, at the signing of the memorandum of agreement for the effective implementation of bsp rules on physical cross - border transport of currencies, manila, 17 january 2005. * * * good afternoon, friends, ladies and gentlemen. i would like to thank the agencies represented here for their full cooperation in the preparation of the memorandum of agreement ( moa ) for the effective implementation of bsp rules on the physical cross - border transport of currencies, which will be signed today. we know that, each agency has more than enough work in its hands, and therefore, it is not easy to define and accept additional responsibilities, as would be the case in this moa. i also want to thank the following signatories to this moa who have taken time off from their busy schedules for this signing ceremony : 1. bureau of customs commissioner george m. jereos, 2. manila international airport authority general manager alfonso g. cusi, 3. philippine national police director general edgar b. aglipay, 4. bureau of immigration commissioner alipio f. fernandez 5. air transportation office executive director helen n. camua, and 6. philippine ports authority general manager oscar m. sevilla. of course, i am also a signatory under two hats, as bsp governor and as chairman of the anti - money laundering council. this moa seeks to ensure the effective implementation of bsp rules on the physical cross - border transport of foreign currencies and the philippine peso ( php ). bsp circular no. 308 dated 15 november 2001, as amended, requires any person who brings in or out of the philippines in excess of us $ 10, 000 or its equivalent to declare the same in writing using the prescribed foreign currency declaration form. other countries such as the united states, south korea, and malaysia broadly require similar customs procedures in the transport of foreign currency. the circular was issued as part of a package of measures to help curb money laundering activities. as early as june 2000, the bsp has adopted anti - money laundering measures to be at par with international practices. the monitoring of the cross - border transport of currencies is covered under the 9th special recommendation of the financial action task force (

fabio panetta : interview with tg1 interview by mr fabio panetta, member of the executive board of the european central bank, with tg1, conducted by mr gennaro pellino on 19 march 2020. * * * only a week ago, one sentence suggested we were looking at an abrupt change of direction. what has changed in a week? i don ’ t think it ’ s particularly useful to dwell on one sentence – especially one which president lagarde herself quickly corrected. i believe that our actions and our policies are clearly demonstrated by our decision yesterday, namely our strong determination to provide support to the italian and the european economy. we made available €1, 100 billion, a vast sum, to support the financial markets. the famous spread has declined significantly today. this measure comes on top of the package we agreed last week, when we made available €3, 000 billion to the banks, at very low cost, at very low lending rates, but only on the condition that banks use that funding to finance the real economy, households, firms and government efforts to deal with the public health emergency and support the european and the italian economy. what does the ecb want to achieve now with this new liquidity issuance? the coronavirus pandemic will reduce economic growth in italy and europe by some percentage points. our actions aim to prevent the hardships and struggles that european citizens and households are currently enduring from being compounded by the economic difficulty that could result from a recession. we have taken decisive action to prevent such developments and president lagarde has stated that there are no limits to the action we will take to ensure that the european economy is able to continue on a path of growth. what can european citizens expect now from europe and the european union? italian and european citizens can expect what they are entitled to, namely strong, decisive, unified and coordinated action by national governments and european institutions, including the european central bank, to alleviate the hardships and economic difficulties that they will inevitably face as a result of the pandemic. we will be in the front line of this action. president lagarde has stated that the european central bank will continue to act decisively until the emergency related to the coronavirus has been overcome. 1 / 1 bis central bankers'speeches