Because no single statistic fully describes the fiscal situation, the most effective approach would likely involve monitoring a number of fiscal indicators, each of which captures a different aspect of the budget and its economic impact. The unified budget deficit, projected forward a certain number of years, is an important measure that is already included in the congressional budgeting process.
With better-behaved inflation dynamics, the Monetary Board also decided to cut the reserve requirement ratio by 200 bps phased within 3 months beginning in May up to July. This is to help ease some of the tightness in domestic liquidity. Moving forward, monetary policy has been and always will be data-dependent.