The argument that adjustment policies and structural reforms are counterproductive has also been given, wrongly citing the Argentine case. However, this argument can be refuted with evidence from the Chilean case. However, it seems to me more useful to concentrate on the Mexican case. As I have tried to explain, our economy is stronger and more resistant to external shocks than before.
The reason is simple but of great importance: We have implemented deep transformations in many of our institutions, modernizing them and making them more competitive and efficient. In particular, I would like to highlight in this important forum progress that has been achieved in maintaining a better capitalized, more efficient and viable banking system that operates under a modern regulatory framework.