As early as in late 2008, the Bank was warning that the crisis, which was about to hit Greece as well, would be deep and of a structural nature, adding that overcoming that crisis would require a long, methodical and painstaking effort, given that imbalances and structural rigidities accumulated over several years had to be urgently addressed.
*  *  *  Ladies and gentlemen, It’s a great pleasure for me to have been invited to speak at this conference of the Banco de México. Especially so as this event marks the 20th anniversary of its autonomy. And I gladly congratulate the Banco de México on this important milestone.