In contrast, a structural approach in which the causal impact of monetary policy can be identified should, in principle, uncover the impact of policy tightening on activity and inflation.
All of this must also be analyzed in view of the current state of the fiscal aggregates, including the level of public debt, the level and composition of public expenditure, and the tax system – rates and composition. Based on these trends and forces, we can assess the main challenges with which the strategic plan will need to deal.