is of paramount importance. however, there is still no consensus on operationalizing the edis, on debt mutualization, on setting the minimum requirement for own funds and eligible liabilities, on the features of the fiscal union, and the list could go on. i think that the union should also clarify the fine balance between the consolidated microprudential supervision of banks and national accountability in terms of resolution. the home - host issue has not been dealt with yet. moreover, the european financial architecture is populated with unfinished, incomplete, or untested mechanisms created after the crisis. even so, my message on the reform of the european financial sector is twofold. first, the reform is fundamental for the success of the european project. romania welcomes all the european commission ’ s initiatives aimed at enhancing supervision, consolidation, and accountability in this area, and we will do our best to help reach a consensus on these proposals during our incoming eu presidency. second, it is also fundamental for the integrity of the european project that euro - area should not be ring - fenced ; the reform should still make it possible for non - euro countries to join euro, when they will be ready, on a level playfield. price stability and financial stability are two sides of the same coin. you can ’ t have one without the other – this is a lesson that history has recently taught us. and none of them is possible without credible public policies. 1. lipton, david ( 2018 ), “ trust and the future of multilateralism ”, introductory remarks for the eurofi high level seminar, sofia, bulgaria, april 30, 2018. 2. powell, jerome h. ( 2017 ), " prospects for emerging market economies in a normalizing global economy, " speech delivered at the 2017 annual membership meeting of the institute of international finance, washington, october 12. 3. weidmann, jens ( 2017 ), “ monetary policy and the architecture of the euro area ”, speech at the deutsche bundesbank's capital city reception, berlin, 29 may 2017 4 / 5 bis central bankers'speeches 4. voinea, l. ( 2018 ), “ explaining the post - crisis philips curve : wage gap matters for inflation ”, manuscript 5 / 5 bis central bankers'speeches

time was one of the greatest lessons in public finance of the great depression in the united states : when public expenditures were finally in high gear, the four - year great depression was about to end. in hindsight, the deep and painful dislocations of the great depression could have been mitigated if the government had responded more quickly. thus, other countries familiar with this lesson from the great depression are moving alongside the us government to shore up their respective economies, because delayed responses could prove very costly. this includes the philippines. in particular, our government has defined a p330 billion economic stimulus program to sustain market confidence and get the economy moving more robustly. but government alone cannot achieve this. let us therefore work together to support government ’ s initiatives to keep our economy growing, to continue to grow your business, to protect jobs and to create new employment opportunities for our people. let us be mindful of the possible effects of a downturn to millions of filipinos, especially to those who continue to live in poverty. and even as we come to terms with the reality of a global economic crisis, let us not forget the positive chinese point of view that sees opportunities in every crisis. sure, the challenges are big, but there are equally big opportunities in riding them out. at the end of the day, if we remain united, we shall be able to reap the dividends from our concerted, cooperative efforts together. and so, ladies and gentlemen, today let us renew our commitment to sustain the growth of our economy through better access to credit. once again, on behalf of the members of the monetary board – monetary board juanita amatong, monetary board member raul boncan, monetary board member nellie favisvillafuerte, monetary board member alfredo antonio, monetary board member ignacio bunye and monetary board member peter favila, we thank all of you for accepting our invitation to this forum. mabuhay ang pilipinas! mabuhay tayong lahat! maraming salamat po!