Fifth, although indebtedness of the corporate sector has increased significantly, most of these liabilities have fixed interest rates and long periods of amortization, and simulations show a relatively modest impact overall of an exchange rate adjustment, partly as a result of the hedging of foreign exchange risks.
Finally, the Mexican government has embarked on a thorough process of structural reform, covering a wide array of sectors, that has been considered by the OECD as the most ambitious among the Organization’s members. To sum up, every effort has been made to navigate as smoothly as possible through the turbulent waters ahead. BIS central bankers’ speeches  5