The policy measures announced by countries in the region are of two types: those geared at restoring confidence and the functioning of financial markets, and those aimed at boosting aggregate demand. These policies are classified in five categories: monetary and financial; fiscal; exchange-rate and foreign-trade; sectoral; and labour and social.
The range of announcements is broad because the effects of the crisis vary from country to country, and therefore, the instruments each country uses to counteract them also differ. In addition, the capabilities of each country also vary according to the resources they have available to implement the different measures.
At first, most measures sought to guarantee the liquidity of local financial markets, but the focus has gradually shifted towards fiscal policies.
ECLAC believes it is important for governments to continue using all the potential they have to put in place countercyclical public policies that may curb the expected decrease in economic growth and mitigate the negative impacts on employment and poverty.
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Message of ECLAC Executive Secretary Alicia Bárcena (in Spanish)
See written opinion column (in English)