Moreover, it was agreed in May 2013 to amend the CMIM Agreement to reflect the following measures agreed in May 2012: doubling the size of the CMIM from 120 billion to 240 billion U.S. dollars, introducing a crisis prevention facility of the Precautionary Line, and minimizing the IMF-linked portion from 80 percent to 70 percent (and further to 60 percent in 2014).
The fourth phase was the period since then which has seen uncertainty in global markets dissipate and the outlook for economic activity improve. The Governing Council has raised interest rates by 25 basis points on eight occasions between December 2005 and June of this year.