Financial stability is then a long term concern in both macro en micro economic policy design. BIS central bankers’ speeches  1  Despite their long standing tradition on caring about financial stability, emerging countries like Uruguay are paying a renewed and closer attention to the matter because the international environment has changed.
The G20 solution to the financial crisis has set clearly the boundaries of the international financial safety net, which were previously unknown, and has left a legacy of medium term excess liquidity that has to be dealt with in emerging economies.