* * * Honourable members of the Committee on Economic and Monetary Affairs, Thank you for inviting me to discuss with you the state of convergence of the EU Member States that are committed to adopting the euro1 under the EU Treaties, as assessed in our latest ECB Convergence Report.
As the US dollar began to weaken, and as expectations of the Philippine central bank acting [to stem weakness in the peso] had its effect on the market, the peso actually began to appreciate. 2/3  BIS - Central bankers' speeches  Of course, the other thing we did was we sold quite a bit of dollars from our reserves.