Comparing central banking to symphonies..

Nice speech by  Mr Nestor A Espenilla, Jr, Governor of Bangko Sentral ng Pilipinas.

He cites several awards given to the Philippines central bank recently and says it is all due to team work:

Ladies and gentlemen of the BSP, we accomplished this together.  BSPers, past and present, lahat may kontribusyon!  As I keep saying, the BSP is not a one-man band. The individual and the institutional awards we receive belong to ALL BSPers across the country – mula Luzon, Visayas at Mindanao! Thank you and congratulations BSPers!

The way I see it, the role of a central bank governor has a lot in common with that of a musical conductor, who leads people from different disciplines to create beautiful harmonies that add up to masterful symphonies.

Of course, there were times we heard some discordant notes. But by and large, we played harmonious and beautiful music together, so to speak, that resulted in benefits for our people!

Let me cite some highlights of our performance:

  • We achieved low and stable inflation conducive to sustained economic growth by adopting data-driven and forward looking policies;
  • We have a sound, stable and liquid banking system  that is well-capitalized and supports the financing needs of our economy particularly the productive sectors;
  • We operate a safe and reliable payments system that minimizes possible systemic risks and inspires confidence in our financial system;
  • We have nurtured a strong external position that provides buffers to potential shocks to the economy and the financial system; and
  • We are implementing a comprehensive agenda for financial inclusion to ensure inclusive growth that improves the quality of life of Filipinos.

Given these positive outcomes, how do these play out and benefit our economy and our people?  


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