Like most currencies, it has depreciated against the US dollar over the past 18 months, but against the Trade-Weighted Index it has been relatively stable.
The financial system as such received little attention, whereas emphasis was given to inflation targeting, low inflation and the role of interest rates. 1  Blanchard, O., Dell’ Aricia, G. and Paulo, M. “Rethinking of macroeconomic policy”. IMF Staff Position Note No. 10/03.