What is true is that, on individual elements of what we do, there are differences of view. Some of which are kind of structural about the role of sovereign bond purchases in monetary policy, others are tactical.
The central bank of Brazil has since April this year, increased its policy rate by a total of 225 basis points to 9.5 per cent due to inflation pressures and to shore-up the currency and limit capital outflows, while also lifting previous taxes on capital inflows.