Growth moderated further in the first quarter of 2013 when it measured 0,9 per cent, the lowest growth rate since the 2009 recession. Furthermore, employment is still below levels attained before the crisis. The combination of lower competitiveness and declining terms of trade led to a widening of the current account of the balance of payments.
Consequently, if we see prospects of inflation exceeding our target in the medium term, we will act accordingly in March or later. But we will review the evidence carefully, since we do not want to repeat past mistakes of tightening too early, especially in the face of such an important supply shock like the one caused by the Ukrainian crisis.