Therefore, patiently rebuilding the power of monetary policy tools is a great step towards consolidating growth and stability. Meanwhile, monetary and financial policy should be conceived under a general equilibrium approach, where fiscal solvency, the monetary balance and external sustainability are mutually determined.
Against this backdrop, a sustainable and long-lasting reduction of the inflation rate depends on the comprehensive, joint and coordinated action of the monetary policy, the fiscal policy, the wages policy, and the competition policy.