Indeed, there is intense debate internationally whether the policy has even had a beneficial effect in Chile itself, and Chile has recently reduced the proportion of incoming portfolio investment which must be deposited with the central bank to zero.
By comparison with the December 2016 Eurosystem staff macroeconomic projections, the outlook for headline HICP inflation has been revised upwards significantly for 2017 and slightly for 2018, while remaining unchanged for 2019. The staff projections are conditional on the full implementation of all our monetary policy measures.