• World economic growth will pick up steadily to 3.5% in 2013, supported by lower risk aversion in response to the measures taken by central banks, in particular the ECB.

  • Latin America will grow by 3% in 2012 and 3.7% in 2013, boosted by domestic demand and commodity prices. Brazil should finally have taken off in the third quarter

  • Monetary policy is being maintained on hold, although it will face growing dilemmas caused by increased pressure on inflation.

  • The challenges for the region are concentrated in the external environment: they arise from how a possible crisis in Europe or the fiscal adjustment measures in the U.S. are handled, and also from the increasing use of macroprudential measures to control global liquidity.