strategies in a manner that avoids risks associated with early or late implementation. yet, while we are responding to the pandemic, we remain laser - focused busy in pursuing further reforms to improve our conduct of monetary policy and financial sector supervision. 1 / 3 bis central bankers'speeches on the monetary front, for instance, the bsp started issuing its own debt securities in september last year. this increases bsp ’ s set of tools to manage liquidity in the economy, consistent with our price stability mandate. with the bsp at the forefront of efforts to digitize the philippine economy, we launched the digital payments transformation roadmap last year which is expected to help propel boost economic growth. we also recently issued frameworks for enhanced risk management, and the creation of digital banks — all of which help further strengthen and enhance the financial system. moving to the latest updates on prices, external accounts and the banking system. on price stability, latest estimates by the bsp showed that inflation will average 4. 2 percent this year, a little above the high end of the 2 to 4 percent target range. but inflation will return to within target band next year at 2. 8 percent. the elevated inflation seen over the past three months is transitory ; it is due to weather - related disturbances on the supply of key food items, the effects of african swine fever, as well as higher global oil prices. the department of finance, the department of agriculture, and the department of trade and industry are implementing measures to ease the impact of supply - side pressures on inflation and thereby prevent them from spilling over as second - round effects. meanwhile, demand - side pressure remains subdued. the bsp ’ s monetary board is of the view that prevailing monetary policy settings remain appropriate to support the government ’ s broader efforts to facilitate economic recovery. the bsp, nonetheless, stands ready to use the full range of its instruments, as appropriate, to ensure that the monetary policy stance continues to support the bsp ’ s price and financial stability objectives. on the external front, we continue to have adequate buffers against shocks. as of end - february, gross international reserves continue to be hefty at us $ 105 billion. our external debt remains prudent at 27. 2 percent of gdp. remittances from overseas filipinos remain resilient. after contracting by 0. 8 percent in 2020, it is expected to rebound by 4 percent this year. we expect surpluses in the current

francois villeroy de galhau : the challenge of an efficient european economic governance as a contribution to a prosperous global community speech by mr francois villeroy de galhau, governor of the bank of france, at the emerging markets forum, paris, 11 april 2016. * * * dear friends and distinguished guests, let us take the long view. this forum, thanks to michel camdessus and harinder kohli, is a rare opportunity to discuss what the global economy and its governance might look like two generations from now. in a moment, we will argue about global megatrends and alternative scenarios. with so many distinguished participants from emerging market economies and specialists of the international monetary system in the room, i would like to speak today as a european. as i see it, the european perspective is relevant in this forum for at least three main reasons : • regional integration may be one of the megatrends : how it will affect the delicate balance between sovereignty and international cooperation is a question that the eu has been mulling over since its inception. • many of the global and coordination challenges we are facing have been confronted over the course of european integration, and are still at the core of the debate : economic spillovers and externalities, monetary stability, and effective governance. • a strong europe is all the more necessary in a multipolar world, as a “ balancing power. ” by 2050, the divide will no longer be between emerging and advanced economies, but rather between who was prepared and who wasn ’ t. ideas to enhance european economic governance are not new. mobilization and implementation have proved tricky however : this is what i would like to focus my remarks on speaking of the motivations ( i ) and then of the concrete tasks of a euro area finance minister ( ii ). i. why we need a “ full coordination ” institution in the euro area we know there is deep political resistance to sharing fiscal resources and sovereignty, as well as euroscepticism. the sad example of the refugee crisis illustrates how european countries so far have displayed little solidarity to find a common solution. this is why we need to make the economic case for a stronger governance of the euro area : it is not a theological issue and not solely a political one either. this discussion is not about “ more brussels ”, it is very concretely about more growth and jobs in europe. clearly, monetary policy cannot be a substitute for economic policy coordination or the lack of reforms. for that reason alone central bankers