First, the success of the euro was a technical success. The integration of money markets enabled a smooth implementation of the single monetary policy from early January 1999. The transformation of European financial markets brought about by the euro has been remarkable.
Amando M Tetangco, Jr: The Central Bank of the Philippines – supporting academic excellence Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the BSP UP Centennial Professorial Chairs Launching Ceremony, Quezon City, 7 October 2008.