In this presentation, I will firstly highlight Central Bank actions to manage the different volatility episodes during 2008, including the evolution of monetary aggregates vis-à-vis the program for this period. Secondly, I will explain the rationale behind the different pillars underpinning our strategy, especially the managed float.
It is also permitted to make IPC (individual, partnership, and corporation) loans directly to the private sector, but only under stringent criteria. This latter power has not been used since the Great Depression but could be invoked in an emergency deemed sufficiently serious by the Board of Governors.