the IMF, regarding the supplementary role of “unconventional” monetary policy tools, such as the preventive accumulation of international reserves, sterilized foreign exchange intervention, and the use of macroprudential tools and controls on unrestricted capital flows, to mitigate the negative effects of the global financial cycle and reduce financial dollarization.
Finally, we have discussed the global context of the pandemic, the differences among advanced and developing countries to deal with such unprecedented shock, as well as the challenges to turn this recovery into inclusive, sustainable growth, including the environmental dimension.