There is greater recognition on the part of the Colombian public that we must avoid repeating the damaging pattern of boom and recession. 4  BIS Review 113/2007  The early evidence is that our preemptive and counter-cyclical actions have been working. Credit is becoming more expensive and is not expanding as quickly. The same can be said of the growth in monetary aggregates.
Both series are plotted in Chart 3. People see a central bank that is making the right decisions and continuing in its effort to place inflation and inflation expectations on a path that is consistent with the targets that have been set.