Following the adoption of the MER, the Philippines has entered a 12-month observation period, the completion of which requires the country to submit a comprehensive progress report to the Asia/Pacific Group on Money Laundering (APG) focused on the implementation of its recommended actions. This 12-month observation period gives us an opportunity for the country to remedy identified shortcomings in the MER.
In particular, one can imagine that the internationalisation of the euro may have an influence on monetary policy transmission mechanisms. International developments in the use of the euro can enhance the breadth, depth and efficiency of euro area financial markets and lead to a reduction in transmission lags.