on which to sustain economic activities that generate jobs and improve the lives of filipinos. the task before us therefore is to secure this position of strength and deliver on our commitment to our constituents, amidst continuing change and challenges. let us continue to work on our common goal : to promote sustainable inclusive growth and good governance in 2016 and beyond. marami pong salamat sa lmp. mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches

regional and bilateral level. in this spirit, the ecb has organised, together with several eurosystem national central banks, high - level meetings with central bank governors of the ten new eu member states and accession countries, and with latin american, mediterranean and east asian central banks. in previous meetings there has always been an extremely fruitful exchange of views, contributing to a better understanding of issues of common interest. our discussions at this seminar will reflect three developments that have had a strong impact on our bilateral relations over the past decade. there is first the integration of the russian economy into the global economy. closely related to this is the emergence of a europe without dividing lines. finally, there have been profound changes in the monetary and financial environment in our economic areas. let me briefly discuss each of them. the integration of the russian economy into the world economy more than twelve years ago the russian federation embarked on a road that would lead the country through the difficult transition from a centralised system to a market - driven economy, from a fully closed to an open society. it has been a bumpy road, but the ground that has been covered is impressive. indeed, since 1999 the russian federation has contributed substantially to global growth and has become a major holder of foreign exchange reserves. the russian federation ’ s share in global trade has been on the rise since 1998 and on international capital markets russian corporations have gained the status of key borrowers, benefiting from the country ’ s transition to investment grade status. against this background, our institutions are facing the same challenges in relation to developments in the international monetary and financial system. examples are the increasing degree of financial globalisation, including its implications for reforming the international financial architecture, and the conduct of policies in an environment characterised by large global imbalances. chairman ignatiev and his colleagues have been a pleasure to work with in this respect, as they have enriched discussions in the respective fora by providing their invaluable assessments and perspectives. the eu and the russian federation the russian federation ’ s integration into the world economy is most evident when looking at the development of economic and financial linkages to the eu. russia is our largest neighbour, and has been brought even closer thanks to enlargement. since 1999, exports to the russian federation have grown at double figure rates, and in 2002 it was the eu ’ s fifth largest trading partner. on the other hand, the enlarged eu accounts for more than 50 % of total russian trade. the russian federation