nestor a espenilla, jr : strength without agility is mere mass speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 11th ing - finex chief financial officer ( cfo ) award ceremony, 20 november 2017. * * * for the past eleven years, finex in partnership with the ing bank has conducted a methodical nationwide pursuit for the country ’ s top chief financial officer ( cfo ). “ the agile cfo ” – is a change enabler, one that goes beyond tradition, quickly adapts, thrives and succeeds in the ever evolving financial environment. the search has ended. we will have the distinct privilege of the great reveal in a while. it ’ s quite exciting. nevertheless, as i look around this room, i can see many agile leaders of philippine commerce, banking and finance whose swift and responsive initiatives have contributed to shaping the business environment into the robust and thriving one it is today. finex president benedicta du - baladad, ing - manila branch managing director and country manager hans b. sicat, ms. judith v. lopez, overall chairperson of cfo of the year award committee … former ing - manila branch managing director and country manager consuelo d. garcia, ladies and gentlemen, good afternoon. in the printed format of this message, i placed the following title : “ strength without agility is mere mass. ” this is a direct quotation from fernando pessoa, portuguese poet, writer, literary critic, translator, publisher and philosopher. the quote stirred me as i thought of our economy ’ s strength. we enjoy today a robust macroeconomy owing to strategic and comprehensive reforms boldly taken through the years. but while we have touted the economy ’ s strength, and lauded its resilience, we have not said much about its pro - active agility. ladies and gentlemen, i am pleased to say that our economy is not only strong and buoyant. it is also infused with dynamism and responsiveness. it is not passive. a strong and agile economy the philippines sustained its strong macroeconomic fundamentals. it is one of the fastest growing economies in asia, registering a 6. 9 percent growth on gross domestic product ( gdp ) in the third quarter of 2017. the inflation outlook remains manageable. inflation has averaged 3. 2 percent in the past ten months.

durmus yılmaz : global challenges and local response – monetary policy in turkey address by mr durmus yılmaz, governor of the central bank of the republic of turkey, at a congress organised by the turkish economic association and the international economic association, istanbul, 25 june 2008. * * * dear guests, first of all, i would like to welcome you all to turkey. i am delighted to be here to address such a distinguished audience in istanbul. i would like to thank the turkish economic association and the international economic association for organizing this congress. let me start my talk with the words of josiah charles stamp, one of the former governors of the bank of england in 1920s : “ it is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities. ” this quote will also be the theme of my speech today. distinguished guests, although globalization had started in the second half of 1980 ’ s, it has not yet reached its peak and we are still witnessing its evolution. as thomas friedman ’ s once said, globalization is making the world flatter. we witnessed record high growth rates around the world in that period ; although there was also notable variation in the growth performances across countries. it will not be wrong to argue that globalization could be a powerful tool that may contribute to sustained development if it is combined with compatible policies. however, we should also keep in mind that globalization also presents some challenges and thus, it has made the job of policy - makers more difficult. firstly, i would like to underline the concept of financial globalization. thanks to financial liberalization and improvements in information and communication technologies, significant amount of capital has been flowing into developing countries, especially to those that offer high growth potential – helping these countries achieve relatively high growth levels. in the post - war period when globalization was not a popular buzzword, high growth rates were also observed in a number of countries, usually in the south asia. however, these countries had something in common, which was high rates of savings. in countries like turkey, where more than half of the population is 30 years old or younger and where savings rates are comparatively low ; foreign savings, and therefore capital inflows are needed to maintain high levels of growth. in this respect, financial globalization has contributed to the convergence process among countries. financial liberalization has also led to amplification of new and more complex financial products. as a side effect, these financial products have introduced new risks and