The lowering of official interest rates from the middle of 1996 onwards was calibrated in relation to actual and expected inflation and the outlook for the adjustment of the public finances, the condition for a lasting return to stability, with constant attention to the changes in residents’ portfolios and the inflows of foreign capital.
The general government deficit of 0.5% of GDP was projected in the medium term, ensuring the continuation of the downward path of the share of public debt in GDP.