Actually, if this phenomenon occurs within a context of sudden drops in the copper price or costlier external financing, difficult adjustments could be necessary. The current macroeconomic scenario poses significant risks, demanding policy responses in different directions. On one hand, although so far its effects have been mild, the external situation is severe. Chile is a small economy, commercially and financially open,  6  BIS central bankers’ speeches  so it will not be immune to global developments. The probability of extreme events has not diminished, and their materialization could have very severe consequences on output around the world, including Chile. On the other hand, the strength of domestic demand and output, together with recent increases in some commodity prices, means that medium-term inflationary risks remain present. The MPR is within a range of values that are considered neutral, providing flexibility to wait for the concrete effects of such scenarios on the Chilean economy to become visible. The Board monitors closely the evolution of the external and internal macroeconomic scenario and its implications on inflation, and reiterates its commitment to conduct monetary policy so that projected inflation stands at 3% over the policy horizon. Allow me some final remarks. Final remarks Our latest presentations to the Senate have been marked by periods of high volatility or relative calm in international financial markets.
However, going forward a recovery is foreseen, considering that the expansionary measures adopted by its policy makers have begun to bear fruit. Colombia and Argentina have also shown signs of deceleration, But Colombia growing more than Argentina. Peru, meanwhile, is still growing strongly. In Mexico, growth during the first half of the year exceeded expectations, but in the near future the effects of the frail external sector will be seen more clearly. The developed economies continue to show weak growth. The developed economies continue to post weak growth. In the United States, the overall evaluation is still of a slow recovery. The United Kingdom is in recession, affected by anemic external and internal demand, the latter influenced by tight credit conditions and policies aimed at fiscal consolidation. In the Eurozone, the GDP shrank in the second quarter, after being flat in the early part of the year. The performance of the zone continued to be marked by big differences between peripheral economies (with sharp falls) and central European economies (with modest increases), reflecting financial and fiscal vulnerabilities. However, the weakness of some incoming indicators from Germany is cause for concern, particularly domestic consumption compounded by the weak performance of its exports and manufactures.