Ireland, Spain and Portugal are expecting a current account surplus this year – as much as 3% in the case of Ireland. Admittedly, we’re not quite out of the woods yet, and we still have a long road ahead, but there are encouraging signs.
Far from representing an obstacle to its implementation, the health of our financial system has proven to be a most valuable asset for Mexico’s monetary policy, as it has allowed an efficient operation of transmission mechanisms, and a sharp increase in interest rates without significant adverse side effects on banks or other financial institutions. 4.