Turning to the monetary analysis, recent data confirm that the underlying pace of monetary expansion continues to be subdued. Annual growth in broad money moderated in March, standing at 2.6%, after 3.1% in February. The annual growth rate of the narrow monetary aggregate, M1, increased slightly further to 7.1% in March, reflecting the continued preference for the most liquid instruments in M3.
We presented to the government an extensive and clear analysis on the need to carry out fiscal adjustments. In parallel, we presented a plan to improve the standard of living and productivity in the economy— with an emphasis on operative policy proposals. We are not blind to the housing issue, and its impact on the young generation.