Informe de política monetaria. Octubre 2011

Abstract

In the first half of the year, the slow recovery of global economic activity continued, with varying dynamics observed in the world's various economic regions. Thus, the dynamism of global economic activity is far from consolidated, as doubts about the debt sustainability of some eurozone countries and the loss of confidence experienced by many of the world's major economies increased in the first half of the year. On the other hand, low global interest rates persist, allowing for low-cost financing. However, emerging countries, on the other hand, were experiencing significant pressure toward currency appreciation as a result of increased inflows of financial capital in their quest to obtain higher returns. In regional terms, growth projections for Latin America for this year and 2012 have improved, supported by buoyant domestic demand and high commodity prices. However, these developments are beginning to put pressure on price dynamics, so the main measures are aimed at withdrawing the stimuli implemented during the financial crisis.