Answer:
The effect that this speech has on this scene is that It creates suspense by foreshadowing that as the day advances, Romeo is in greater and greater danger.
Step-by-step explanation:
This speech talks about Romeo having to leave to keep himself away from a severe punishment for the recent events, then as the day advances and if he stays in that city he is in greater and greater danger, we can also see this in the specific line at the end "I must be gone and live, or stay and die." which is in fact foreshadowing the end of Romeo.