We have had similar experiences in Germany – under Article 115 of the Basic Law, the government has usually been able to extend the limits on new borrowing – which were, in any case, fairly generous – simply by diagnosing a “disruption of the macroeconomic equilibrium”.
Taking into account, among other things, the path of US rates, the Central Bank raised the domestic repo rate from 3.25 to 4.75 per cent over the course of 2015 with a subsequent pause in 2016 to date. Moving forward, we can anticipate that the trajectory of external rates would have a bearing on domestic monetary policy actions.