Indeed, inflation still seems more likely to move lower than to increase. Under these circumstances, the central bank has the luxury to monitor events before it has to confront the need to return the stance of policy to a neutral position. Conclusion In conclusion, the macroeconomic fundamentals seem to be in place for an increase in the pace of economic growth.
In addition, we accumulated international reserves during the “good times” (when the opportunity cost of doing so was low), so now we have a sizeable stock to weather financial turmoil.