Domestically, a context characterized by stubbornly low rates of inflation and deflationary risks, anemic economic growth or outright contraction, as well as monetary policies constrained by the zero lower bound on interest rates, particularly in the advanced economies, underline the need to jointly activate different policy levers in order to effectively overcome such a situation.2 In a second dimension, the growing and increasingly complex interlinkages in the world economy brought about by the ongoing process of economic and financial globalization have increased the potential for spillovers and boomerang effects of domestic policy measures in the major economies, thus highlighting the importance of coordinating actions at the international level under certain circumstances, for instance, in the presence of global shocks  1  The opinions and views expressed in this document are the sole responsibility of the author and do not necessarily represent the institutional position of the Banco de México or of its Board of Governors as a whole.
In the conditions of further narrowing of foreign trade and fiscal imbalances, a falling country risk premium, an upgrade in the country’s credit rating and a positive assessment of the IMF regarding the overshooting of the quantitative criteria under the programme, the dinar came under appreciation pressure.