The world faces an unprecedented combination of negative economic events: financial crisis, recession and inflation. This phenomenon is very rare for developed economies. For emerging economies, unfortunately, this trinity is much more familiar. In our way, we have a long experience in dealing with the consequences of these critical events.
In fact, several of the problems we are currently discussing are surprisingly recurrent and show that there are similarities between crises. These factors, together with some new elements which made recent adjustments somewhat dramatic (such as the role of new financial instruments and players), have forced us, policymakers, to implement original solutions.