in cross - border insolvencies and restructurings are available. what more needs to be done? over the past 15 minutes or so, i went through a laundry list of the benefits of an effective insolvency regime. clearly, we all appreciate that the fria is our take off point for reaping these benefits. however, in the 2013 forum on asian insolvency reform that the philippine government hosted through the bangko sentral ng pilipinas, one session exhaustively deliberated on the proposition that, in the implementation of insolvency regimes, fixing the insolvency statute is not sufficient to create a well - functioning insolvency regime. i cannot agree more. recent studies have shown that the critical success factor in effective insolvency regimes globally is : the continuation of reforms after laws are enacted. the failure of insolvency systems in countries that have already modernized their laws is due to inadequate implementation. the implementation of the law is as important as the law itself. our distinguished audience knows all too well that the successful implementation of the fria can only come about through a clear understanding and consistent application of the fria and fr rules by our judges and insolvency administrators. given the special and technical competence required in liquidation and rehabilitation processes, suitable and sufficient capacity building is a necessary component. thus, we cannot stress enough the benefit of specialized training for members of our judiciary, industry practitioners, and other stakeholders. this should include basic business and accounting training, especially for those who have neither. with the growing internationalization of finance and other businesses, we can anticipate the application of insolvency laws and rules on international corporations doing business in the country. our courts are therefore continually called upon to be more dynamic and responsive to such economic and financial developments. we are hopeful and confident of the response bis central bankers ’ speeches of our judiciary to this call, so as to give spirit to the more expeditious rehabilitation proceedings mandated under the fria and fr. this will help in ensuring that no delay will derail implementation of rehabilitation plans. conclusion ladies and gentlemen, at the core of it, the challenge to us is to help sustain the business confidence in our country and achieve financial stability. this we can do by actively playing our role in creating an environment with an adequate and functioning legal framework, where laws and rules are clear and well - defined, thereby enabling a consistent application by the members of our judiciary

research. stlouisfed. org / publications / review / 01 / 05 / 165182goodhart. qxd. pdf ) and mishkin, f. s. ( 2004 ) : “ can central bank transparency go too far? ”, nber working paper no. 10829 ( http : / / www0. gsb. columbia. edu / faculty / fmishkin / pdfpapers / 56959 - w10829. pdf ) “ in these circumstances, the committee believes that policy accommodation can be maintained for a considerable period. ", see press release from the federal reserve, board of governors, 12 august 2003, www. federalreserve. gov. information about why a particular path has been chosen. in addition, such statements can provide some information about our response to conditions outside the bank ’ s control. second, when the central bank deviates from the original projection for future interest rates, an explanation has to be provided. the interest rate forecast is based on incomplete information about the current situation and the functioning of the economy. if the economy is exposed to disturbances, the central bank's assessment of these disturbances must be communicated. the same applies if the central bank should change its view of the functioning of the economy. professional financial market participants and other economic agents will have little difficulty in understanding that the interest rate will occasionally have to deviate from the forecast. basis for the interest rate forecast in forecasting economic variables, norges bank uses an approach that captures and juxtaposes many different elements. the chart provides an illustration of the structure of forecasting. one important source of information on the current situation is current statistics. in addition to official statistics, information from our regional network plays an important role. in the course of a year, around 1400 interviews are held with leaders from various parts of the corporate and public sectors about economic developments in their enterprises and institutions. in our forecasting, we seek to build a bridge between our assessments of the current situation and the knowledge we have about long - term relationships in the economy. as a tool in this work, the bank uses several macroeconomic models : one core model and a number of smaller models. central to this process is the use of judgment. the macroeconomic models provide a very simplified description of the economy and only serve as a forecasting tool. the forecasts for inflation, output, the interest rate and other variables in the economy must be perceived as a result of