amando m tetangco, jr : building broader horizons in 2013 speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the annual convention of the chamber of thrift banks, makati city, 20 march 2013. * * * the officers and members of the chamber of thrift banks, under the leadership of outgoing president, patrick cheng, and incoming president, jose teodoro limcaoco, members of the monetary board, fellow bspers, my colleagues in the banking industry and in government service, ladies and gentlemen, good morning. the bangko sentral ng pilipinas is pleased to once again take part in your annual convention. as i begin my remarks this morning, let me take this opportunity to thank the outgoing officers and members of the board for your efforts. i am pleased that we were able to move forward on several fronts, even as we still have a full plate of reforms. let me also congratulate your incoming officers. indeed, to be elected to the ctb board shows the confidence that your peers have in you. more importantly, your accepting such a challenge underscores your commitment to work for the greater good. a part of the tradition of your convention that i appreciate is the row of display booths one has to pass through as one enters the ballroom. stalls of the various companies that have grown because of partnership with the industry. to me, the variety and quality of the displays have been an indicator of the state of the thrift banking industry. if this year ’ s display continues in that tradition, i believe it is telling us that good things are in the offing for the ctb and our economy. what is in the horizon? this brings me to your chosen theme. “ building a broader horizon for 2013. ” horizon is an interesting word. it has a couple of meanings and evokes several feelings. one meaning of horizon is that it is the “ apparent intersection of the earth and sky. ” we ’ re coming into the summer months. and i am sure, if you find yourself on the beach in the next few weeks, you will discover that it is hard to escape the temptation to stand on the shoreline, maybe barefoot, and then fix your gaze towards the vastness of the ocean – just to see where the ocean and sky seem to meet the horizon. another meaning of horizon in the webster dictionary is that it

christine lagarde : hearing of the committee on economic and monetary affairs of the european parliament introductory statement ( via video conference ) by ms christine lagarde, president of the european central bank, at the hearing of the committee on economic and monetary affairs of the european parliament, frankfurt am main, 7 february 202 2. * * * accompanying charts : www. bis. org / review / r220210b _ charts. pdf on this day in 1992, the leaders of twelve european countries decided to transform the european community into the european union by signing the maastricht treaty. thirty years on, europe continues to benefit from many of the accomplishments of that treaty. the treaty established european citizenship, including the right to move and settle freely in the eu. it granted this parliament extended powers through its right of co - decision and strengthened europe ’ s voice in the world through a common defence and security policy. and, perhaps most importantly, the treaty laid the foundation for our economic and monetary union, leading to the introduction of the euro and the establishment of the ecb. as we are celebrating 20 years of euro banknotes and coins this year, there is no doubt that the single currency has been a success. it has brought stability and made us more resilient in the face of the multiple adverse shocks we have experienced. over the past 20 years, the ecb has ensured price stability, with an average inflation rate of 1. 7 per cent since early 1999. we are determined to continue doing so. in my remarks today, i will therefore first update you on the latest assessment of the economic situation in the euro area and present our monetary policy stance. i will do so with a firm determination that clear communication – the topic you have chosen for today ’ s hearing − is crucial for our policy, for our credibility and for the trust people have in us. already during my first hearing back in december 2019, 1 i outlined my aspiration to improve our communication practices so that markets, elected representatives like yourselves and the wider public better understand how we reach our decisions, what motivates them, and how they affect people ’ s daily lives. following on from our strategy review, we are now using clearer, more narrative - driven language, together with relatable visuals. as at the last hearing, i will thus explain the key macroeconomics developments discussed in this statement with the help of the charts in the accompanying twopage document. the euro area economy and monetary policy when