Martín Redrado: Dynamism and soundness in the face of the crisis Article by Mr Martín Redrado, Governor of the Central Bank of Argentina, published in El Chronista, 8 May 2009. *  *  *  The decades of macroeconomic instability and recurrent crises that we have faced in Argentina were not harmless in terms of welfare.
All this has taken place in the context of unprecedented global monetary accommodation and, more recently, a significant slowdown in China and other emerging market economies. The PTA explicitly recognises (as has been the case), that annual headline inflation may fall outside the target band because of exceptional movements in commodity prices.