Our region, in spite of its recent achievements, is still very vulnerable to changes in global growth, fluctuations in commodity prices, and sudden changes in international financial conditions. Therefore, what in developed countries is a “correction,” in the countries of our region – where, besides, there is a higher risk of contagion – may amount to a crisis. 2.
On the other hand, our exchange rates tend to overreact, which may affect the financial system, thus hampering stability. 2  BIS Review 61/2007  3. Due to the very nature of the process, it is difficult to establish ex ante its permanent or temporary nature in order to make policy decisions accordingly.