At the same time, the steady inflow of foreign exchange has kept the peso firm, broadly maintaining its competitiveness in real effective terms over this period, and providing a mitigating effect on inflation. Finally, the sturdier policy framework and broad-based structural reform that we have put in place, have helped promote a more coordinated and productive economic environment.
This is evidenced by the economy achieving in 2007 the highest GDP growth rate in 31 years of 7.3 percent against a backdrop of low and stable inflation. The 2007 full year average inflation of 2.8 percent was the lowest in 21 years. This combination has allowed market interest rates to generally trend downward. Those, in brief, ladies and gentlemen, are our buffers.