However, as 1 January 1999 approached, the date when the exchange rates of 11 European countries were irrevocably fixed and the euro was introduced, it became clear that, indeed, something special was happening in Europe. In my speech today, I would like to elaborate on some key aspects of the euro area.
This has been very good for us but also quite good for the Philippine government itself. And we are very, very fortunate that every Finance Secretary that the Philippines has ever had-that I can remember-has always been very fiscally responsible because they know that they can finance a big part of the debt of the government by issuing pesodenominated bonds.