Javier Guzmán Calafell: Monetary policy implementation in a complex environment

Remarks by Mr Javier Guzmán Calafell, Deputy Governor of the Bank of Mexico, at the "Aberdeen NYC EMD Policy Maker Power Lunch", New York City, 11 October 2016.

My sincere thanks to Aberdeen Asset Management for the invitation to participate in this event.

The primary mandate of the Banco de México, enshrined in the country's Constitution, is to aim at low and stable inflation. To this end, monetary policy is conducted within a framework supported by two main pillars: an independent central bank and an inflation targeting regime with a 3 percent objective for the annual rate of growth of consumer prices. In this context, the Banco de México seeks an efficient convergence of inflation to the target, that is to say, at the lowest possible cost in terms of economic activity.