It can actually be argued that, with the market pressure which arises in a monetary union, its members have to think more about the long-run stability of their public finances than they do if monetary policy eliminates the pressure by ensuring the financing of the deficit.
Vigilance in the implementation of the BSP rules, particularly in the transport of foreign currencies, is important in addressing incidents such as recent events involving the discovery by U.S. customs authorities of large amounts of undeclared foreign currency found in the possession of Filipino citizens arriving in the U.S. We are glad that we will be assisted by other government agencies in this regard.