Federal Reserve policy adjustments), overwhelming domestic ones (inflation and growth gaps), makes it obvious that they cannot depend solely on monetary policy to achieve the ultimate policy goal, which is to reach faster and sustainable growth and simultaneously consolidate financial stability. In this sense macro-relevant structural reforms, together with strong fundamentals, becomes of the essence. This is the path that Mexico has followed.
*  *  *  Let me conclude with a brief commentary on the International Monetary System (IMS). It is fair to say that the IMS is in transition and much remains to be done to make it more stable and adapt it to the challenges of the twenty-first century.