As you know, the decline in energy prices initially prompted a reduction in fiscal expenditures but as oil prices continued to fall the Government eschewed further expenditure cuts, opting for a small amount of deficit financing. The Central Bank has not yet moved to ease monetary policy, in part because inflation continues to be unacceptably high and inflation expectations have not been sufficiently contained.
Respected participants of the Business Forum, (Slide 12) All these conclusions have been confirmed by results and trends. Lending activity remained not only a stable source of private sector financing, but its  structure, both in terms of currency and by sector and purpose, was well balanced, which contributes to an even recovery of consumption and investment.