To be sure, markets function best when economic actors comport themselves in a manner consistent with the rule of law.10 Fidelity to the rule of law is not just some aphorism for a judicial system to protect property right disputes among private parties. Nor should it be just some preachy truism of economic development for emerging economies.
The first months have been encouraging: contrary to what some were saying, we have had no difficulty finding assets to buy, indicators of the inflation expectations are showing signs of recovery, lending to non-financial corporations is trending upwards, the recovery trajectory is there to be seen and we expect inflation to move back towards 2%.