memories of developments during the recent global financial crisis. more visible was the sharp decline in the euro in foreign exchange markets and plunging stock markets worldwide. in response to these rapidly deteriorating financial conditions, in the early hours of monday, may 10, european leaders announced a much broader package of stabilization measures than that previously announced for greece alone. one set of initiatives addresses sovereign risk. the european leaders announced the establishment of a european financial stabilization mechanism that would be based on up to €60 billion in european commission funding and a special purpose vehicle that could raise up to €440 billion in additional funds in capital markets with guarantees provided by member state governments. moreover, the imf stated that it stood ready to cooperate with the eu, in accordance with established imf lending programs and procedures, if requested by euroarea members. according to the eu, total available support through loans and credit lines, including potential bilateral imf loans to member countries, could be as large as €750 billion ( approximately $ 900 billion ). in addition, the eu and the imf announced final approval and funding for the earlier announced greek rescue package in an effort to assuage concerns about the country ’ s financing needs. another set of initiatives addresses market liquidity. specifically, the european central bank ( ecb ) announced that it was prepared to purchase government and private debt securities to ensure the depth and liquidity of euro area debt markets that were considered dysfunctional. in addition, the ecb expanded its liquidity provision facilities, including offering full - allotment operations for three - and six - month loans. finally, as i will discuss in more detail later, to forestall an emerging shortage of dollar liquidity, the federal reserve reopened temporary u. s. dollar liquidity swap lines with the ecb and other major central banks. the effect of the announcement on bond markets was immediate. bond spreads for the peripheral european countries narrowed substantially, at least partly reflecting purchases of government securities by euro - area central banks. the ecb ’ s enhanced liquidity provisions, including dollar credit from the liquidity swaps, have contained stresses in the european interbank market and provided an important backstop for these markets. stock markets also initially rebounded strongly following the announcement of the european package ; however, their declines over the past week serve as a reminder that investors are aware that this package cannot ultimately relieve the need for real, and likely painful, fiscal reforms in some euro - area countries. potential ramifications for

benjamin e diokno : towards the implementation of a robust philippine id system speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the moa signing between psa and bsp on the philippine id, manila, 7 october 2019. * * * undersecretary, national statistician and civil registrar general claire dennis s. mapa ; fellow civil servants from the philippine statistics authority and monetary board members, deputy governors and colleagues from the bangko sentral ng pilipinas ; distinguished guests, ladies and gentlemen, good afternoon. the bsp is honored to sign the memorandum of agreement with psa that starts the implementation of the “ philippine identification system ( philsys ) act. ” as you know, this is thirty years in the making. the law is universally - beneficial for filipinos as it provides “ a means of simplifying public and private transactions ” through a reliable and nationally - accepted proof of identity. having this proof of identity has far - reaching benefits, especially in promoting financial inclusion. with the “ philippine id, ” unbanked filipinos will have a proof of identity which is a key requirement in accessing formal financial services. this will enable more of our underprivileged countrymen to enjoy gains from and participate more actively in the country ’ s growing economy. as such, the bsp is happy to take part in this undertaking. under the moa, the bsp shall produce one hundred sixteen million pieces of blank cards for the phil id for three years. we will also provide needed equipment and space for the embedding of personal information onto the blank cards, which will be done by the psa. with this philippine id, the bsp widens its area of cooperation with psa. while our numbercrunching agencies have a long history of interaction on statistics, the production of national ids is a trailblazing field for both institutions. with this, the bsp looks forward to working with the psa in bringing the vision of philsys into reality. maraming salamat po and good afternoon to all. 1 / 1 bis central bankers'speeches