This teaches us a valuable lesson: the notions that we consider today as the most firmly established are the result of a specific institutional development rather than unchanging practices. We, as monetary authorities, must contribute to deepening the positive aspects of such development.
Here, it does not seem adequate either to think of a single “universal institutional framework,” but of useful principles such as autonomy and accountability that should be adapted to the institutional reality of each individual country. In the past years, macroeconomic discipline has been strengthened and thus the region is better prepared to face adverse scenarios than in the past decade.