Given this and elevated commodity prices that have raised our terms of trade, a sustainable export strategy cannot rely on expectations of a more favourable exchange rate. 4  See M. Carney, “The Paradigm Shifts: Global Imbalances, Policy, and Latin America,” speech delivered to the Inter-American Development Bank, Calgary, Alberta, 26 March 2011.
Not only because preventing over-indebtedness is a matter of general interest, but also because credit data are useful in our mission as a prudential supervisor and for different economic studies that we carry out.