The coexistence of different policy recommendations was confirmed this morning when two prominent scholars such as Bennett McCallum and Jan Kregel analyzed monetary policy from a theoretical perspective. In our country, we saw an example of commitment to systemic stability in the past few months with the full implementation of the robust and consistent approach launched in recent years. All instruments were available.
We focused all our efforts on restoring the money market equilibrium. Our system was able to cushion the impact of external disruptions on macroeconomic performance, confirming that the central bank's prudential and countercyclical policies were right, both in the monetary and the financial fields. Something similar occurs with the exchange rate channel.