In addition to this, and from a medium- to long-term perspective, structural reform is essential to increase oil output and exports, which should in turn make the rebalancing efforts more sustainable. Action on the monetary policy front should only be considered if the current account deficit poses risks to the accomplishment of the inflation target through its effects on the exchange rate.
Intervention in the foreign exchange market can also play a role in coping with the challenges deriving from exchange rate volatility. The Foreign Exchange Commission, integrated by representatives of the Ministry of Finance and the Banco de México, has made clear that anchoring of the Mexican peso will be sought through the preservation of strong economic fundamentals.