Not long ago, we used to have not only central banks but also the financial system financing the treasury with no limits whatsoever.
This scenario in which the international financial system faces extreme difficulties resulting from imprudent lending policies, assets of dubious quality, a permissive regulatory framework and an excessive degree of leverage, contrasts with the reality of the domestic monetary and financial system in most of the emerging world. And here the progress of Latin America compared to other emerging market regions is remarkable.