For the first time in decades regardless of external and domestic disruptions, as the ones seen in the last days, the central bank is providing monetary and financial stability, two essential public goods for sustainable development. We know that the country has a long history of macroeconomic instability. Monetary regimes have unsuccessfully shifted from one extreme to the other.
This way we can focus our attention on the root causes of persistently large imbalances and impediments to their adjustment as mandated by our leaders? 10. That takes me to my fourth and final comment. A question has arisen whether the Framework exercise should be looking at only net imbalances of countries or also at intracountry or intra-regional imbalances, as appropriate.