It also helped that the Philippines received its highest credit ratings in history before the pandemic began. Such favorable assessment enabled the country to access financing with low-interest rates and a long repayment period. 1/3  BIS central bankers' speeches  We are continuously receiving affirmation and even upgrades from international rating agencies.
US-euro area interdependence Let me now address the issue of interdependence between monetary policy conduct on both sides of the Atlantic. In considering such interdependence, it should be clear from the outset that both the ECB and the US Federal Reserve conduct monetary policy with a view to achieving the domestic objectives that have been assigned to them.