OPINION | Some footnotes to financial stability By Diwa C. Guinigundo READ:
ushed out and dealt with. Many jurisdictions established macroprudential authorities. Even bank executive pays did not escape regulatory reach.
Notwithstanding the absence of explicit legal cover, being only a de facto authority on financial stability, the BSP started the groundwork by defining the parameters of financial stability and the relevant parties to be involved. A whole-of-government approach is required becauseIt was two years later, in 2011, when a voluntary inter-agency Financial Stability Coordination Council was formed.
The Fund also advised the BSP to expand its macroprudential tools and form its operational procedures systemically. Data gaps have to be reduced to enhance risk monitoring.While all of these housekeeping concerns were being addressed and some key policy papers were being worked out, the BSP — then the council —
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