We agreed that, in spite of little leeway and less developed financial markets in the region, monetary policy has had an effective countercyclical effect through conventional and unconventional measures.
Another issue that has been underscored is how the dollar currency pricing model severely weakens the expansionary channel of the exchange rate, and how strong exchange rate volatility may discourage exports given the uncertainty about future returns on investment. This explains the change associated to multilateral lending agencies, e.g.