We are also very conscious of the potential impact of the global economic slowdown on our own economy, and are starting to feel the painful effects of this through job losses, rising insolvencies and lower volumes of exports. In this regard, fiscal and monetary policies have to play a much more central role.
And second, it is likely to be destabilizing as agencies try to conform to market perceptions. •  In contrast, in Latin America we like to think that internal rating systems are a more sensible basis for a BIS system.