On the contrary, great challenges that need full attention still remain ahead of us; not only for policymakers but also for the entire profession. In South America we got around the challenges trying to preserve most of the basic equilibriums achieved in the external and fiscal fronts.
We suddenly moved from a context characterized by an abundance of financing to a much more adverse scenario. Most governments have adopted a set of expansionary measures aimed at mitigating contractionary trends. The chance of adopting these measures in an adverse context has been a relatively unusual phenomenon in the region, traditionally characterized by highly procyclical policies.