At the Monetary Policy Meeting held in April 2023, the Bank confirmed that it will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions. It also decided to conduct a broadperspective review of the monetary policy it has been implementing for the past 25 years.
• The current account deficit has fallen by 15 percentage points of GDP since the beginning of the crisis, with the current account effectively being in balance over the last three years. • Labour cost competitiveness has been fully restored and price competitiveness has recorded substantial gains since 2009.