As in other emerging-market economies, heightened risk aversion since the taper tantrum has widened interest-rate spreads. It is worth noting that current spreads are not unprecedented, as they are similar to those observed at the beginning of 2012, when fears surrounding the sustainability of the euro area also fed risk aversion.
Since I took up office I have been trying to correct things that need correcting and to promote the process of streamlining and modernizing the Bank. In these efforts I am joined by my colleagues, in particular the Director General of the Bank, Jacob Danon.