estimate at the banque de france at below or close to 2 % in nominal terms, likely to take place? in this regard, let me recall the statement made by frana § ois villeroy in his recent public communication on monetary policy : as long as it is about lifting off the accelerator, we have to act for sure, in a determined but orderly way, and we should be there by the end of the year. here, let me only add that, in the current context, it is of particular importance to be nimble and be ready to adapt the speed of normalisation to changing circumstances. a second important question regarding the normalisation of monetary policy underway in the euro area is the destination of the journey, the so called " terminal interest rates ". as regards this question, let me offer a typical economist's type of answer = it depends! indeed, it is important to keep in mind that it is only beyond the neutral rate that the tightening would properly begin. in my view, the governing council of the ecb will then have to discuss and decide, based on its assessment of actual inflation and the future outlook, focusing in particular on its core part and on wage developments. an important role for monetary policy is to ensure that inflation expectations remain anchored, especially when actual inflation is high. up to now, inflation expectations remain relatively well anchored in the euro area. in particular, there is no sign of a potential wage - price loop that could be at play. this imperative to anchor inflation 3 / 4 bis - central bankers'speeches expectations helps explain why the ecb raised key interest rates by 125 basis points in total over the last two policy meetings. as christine lagarde stated, the appropriate pace of future rate increases will be decided on a meeting - by - meeting basis. indeed, as she has repeatedly emphasised, it will remain data - dependent in all scenarios. as the current drivers of inflation fade over time and the normalisation of monetary policy works its way through to the economy and price - setting, inflation will come down back to 2 %. when will that be? will it be necessary for the eurosystem to significantly tighten its monetary policy? first, let me just note here that ecb projections released in september have significantly revised up their inflation projections and inflation is now expected to average 8. 1 % in 2022, 5. 5 % in 2023 but 2. 3 % in 2024. second, market participants are not for the

amando m tetangco, jr : we are all wealth watchers speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the wealth watch book launch, manila, 3 july 2015. * * * this is the second time this week that we are launching a document related to financial empowerment. just two days ago, we launched the national strategy for financial inclusion, the document signed by 13 government agencies ( including the bsp ) which sets the strategic map for a unified national financial inclusion landscape. it is a living document that is meant to be populated by tactical plans of each of the agencies involved. and it is envisioned that following the launch, significant partnerships among government agencies as well as with the private sector would ensue. as you know, we had the queen of the netherlands, the un secretary general ’ s special advocate for financial inclusion for development, queen maxima, witness that occasion as our special guest. while we do not have a queen with us today, we are most privileged to have you our most significant partners in this journey of financial literacy and education and consumer protection to share this occasion with us. today, we launch a different document. a book. in fact, a “ wealth book ”. unlike the nsfi, this wealth watch book is not authored by 13 government agencies, but the book is authored by those “ closer to home ” – by our very own bspers from the financial consumer protection department ( fcpd ). the book is not for those who have no access to financial products and services but, it is for those who have a little bit more than others well, perhaps significantly more but who may need to be just as “ watchful ” in many respects, however, this book and the nsfi are about the same. because like the nsfi, our wealth watch book deals with information, and how you can make that information “ work ” for you. it is about stewardship of what you have. it is about preparing for unexpected events. it is about growth and growing what you have so you can have more. our launch today brings to mind the nba draft. at each draft, media would focus on how those towering “ boys ” who ’ ve been drafted would now move from “ living within tight college budgets ” to becoming and i quote from yahoo sports “ money making machines ”. sadly, however, we so often hear