It puts monetary restraint into place more quickly to reduce demand while supply is constrained. It may also act to rein in inflation expectations and, as a result, to influence wage- and price-setting behavior. This preemptive approach is appropriate.
One of the key links in the chain of development of the capital market should be the pension system reform. Last week we were visited by Mr. Klaus Schmidt Hebbel from the Central Bank of Chile. He will be working as Chief Economist of the OECD in Paris from September this year.