Strong countercyclical policy actions of this type were unlikely to have been feasible in Mexico a few decades ago; with little in the way of inflation-fighting credibility and an immature financial sector, the monetary authority in earlier years was often forced to respond to a crisis by tightening monetary conditions, rather than loosening them, in an effort to limit capital flight, exchange rate depreciation, and increases in inflation.
Of course, we should not be surprised that central bank independence has contributed to Mexico’s improved macroeconomic stability over the past two decades.