If this were not enough, the global financial crisis has eroded confidence on our understanding of the economics science and of the proper way to implement monetary policy under current circumstances. The Mexican experience of the last couple of years provides an illustrative example of the nature and magnitude of the challenges that our central banks have faced.
I will also discuss a number of specific near-term priorities and then look a little further into the future. I will finish with some comments on the importance of our regulatory arrangements being flexible enough to deal with this dynamic world.