Retail sales growth seems to have been fueled by a recovery in employment, real wages, and consumer credit. Monetary policy and outlook During 2011, monetary policy continued to be consistent with the 3 percent inflation target established by the Bank of Mexico at the end of 2003. The policy interest rate has been kept at 4.5 percent since July 2009.
Today’s seminar is particularly meaningful in that we will learn from the rich experiences of our advanced peers, especially Germany and Japan. I believe that learning from others’ experiences is as important and productive as learning by doing. And I am sure that this seminar will offer very useful guidance to our long journey to rebuild this region’s economy.