Most importantly, monetary policy will have to be adjusted in a timely way if convergence of inflation to the 3 percent permanent target is endangered. Two sources of risk that will have to be monitored are first, the amplification of second-round effects from international price shocks and foreign exchange volatility, and second, evidence of aggregate demand pressures.
Excessive household debt, which constrains private consumption, is not only weighing on growth, but also narrowing the scope for our macroeconomic policy operations. My dear friends and colleagues, I would like now to share with you some of the things that I will keep in mind during my governorship.