timothy f geithner : developments in the global economy and implications for the united states remarks by mr timothy f geithner, president and chief executive officer of the federal reserve bank of new york, at the council on foreign relations'c peter mccolough roundtable series on international economics, new york, 11 january 2007. * * * it is a pleasure to be here at the council on foreign relations, and to be here with jerry corrigan. a few brief remarks about the global economy, both the real and financial dimensions, to provide a basis for our discussion. 2006 marked the fourth successive year of a global expansion that has been remarkable for its strength, for its breadth, and for its stability in the face of economic shocks and uncertainty in the geopolitical realm. this period of broad - based growth in income has been supported by a number of important fundamental forces. rapid technological innovation and greater economic integration have brought stronger growth and higher levels of productivity. the acceleration in productivity growth that occurred in the united states in the second half of the last decade seems likely to remain intact. and productivity growth is accelerating outside the united states, most strikingly in some of the large emerging economies. financial innovation and greater integration of national financial systems has contributed to the strength of real economic activity by improving the allocation of resources within and among economies. improvements to risk management and to capital cushions are likely to have made the financial system more stable and more resilient. and macroeconomic policy has improved around the world. the increase in monetary policy credibility in a broad range of countries has produced lower rates of inflation and more stability in inflation expectations. greater public confidence in monetary policy was critical to laying the foundation for the improvements in real economic performance, by providing a stable foundation for long - term investment decisions. in emerging markets, better monetary policy has been accompanied by more disciplined and conservative fiscal policy and a range of other policies that have reduced, though not eliminated, vulnerability to changes in confidence, capital flows and exchange rate movements. these factors are each fundamentally important, and they are, of course, interrelated. the policies that delivered better inflation outcomes, more openness and competition and stronger financial systems were critical to fostering an environment in which improvements in productivity and growth could occur. this expansion has also been notable for the financial conditions that have prevailed over the past several years. long - term interest rates have remained relatively low in nominal and real terms. equity and other asset prices have moved higher. credit

eli m remolona : navigating the road ahead - looking back to look forward speech by mr eli m remolona jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 30th anniversary reception for the banking community, manila, 28 july 2023. * * * former central bank governors, members of the monetary board, friends from the banking sector, the diplomatic corps and fellow workers in government : magandang gabi po ; good evening! tonight, i am honored to be standing here before all of you. thank you for joining us tonight. let me begin by expressing my gratitude to my predecessor and good friend, governor philip medalla. while he's not able to join us tonight, i want to express my thanks to him for his dedication to upholding the integrity of our monetary system and for resolutely keeping the economy to its course towards price stability. let me now tell you about an interview i had two weeks ago with kathleen hays, bloomberg's dean of economic reporting. she asked me, " governor, when you're not thinking about monetary policy, what do you think about? " the right answer, of course, was, " when i'm not thinking about monetary policy, i think about my lovely wife! " but being the central banking nerd that i am, i said instead, " when i'm not thinking about monetary policy, i think about banking supervision and the payments system! " so you'll forgive me for saying a few words about each of those three things : monetary policy, banking supervision and the payments system. let me start with how our economy recovered from the crisis of the pandemic. as we all know, it was a surprisingly strong recovery. coming out of a crisis, it was a recovery like no other. what was the difference this time? i'd say it was the banking system. our banks maintained more than adequate levels of capital and remained flush with liquidity. this time, there was no need to repair balance sheets. i have said this before, and i'll say it again. unlike in previous crises, this time our banks were part of the solution rather than part of the problem. let me pause at this point to thank our friends in the banking sector. and let's not forget to also thank deputy governor chuchi fonacier for her persistence and that of her team in