10 The above progress in the fight against inflation, coupled with a strong macroeconomic framework and closer communication with the public within the context of the IT regime, have allowed the Banco de México to implement countercyclical policies in different episodes of weak economic activity, without adversely affecting medium and long term inflation expectations. This would have been simply unthinkable a few years ago.
While the case for inflation targeting has in my view strengthened after the crisis, it is evident that there are important issues highlighted by the latter, whose implications for IT regimes have to be carefully assessed.