It’s true, long-term interest rates have fallen further, in some cases to all-time lows. All in all, the financing conditions for the economy have improved. There are also signs that we will soon be moving into positive territory again in terms of lending. It would perhaps be somewhat bold to claim that the better mood in the economy is solely due to QE.
NAFTA seems to have contributed to the enlargement of trade not only with Mexico’s North American neighbors, but also with nations from other regions. In fact, there is evidence that trade diversion resulting from this preferential agreement has been relatively low.