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Latin America’s response to the global financial crisis has been remarkably strong. Effective use of fiscal, monetary and exchange rate policies allowed Latin America to fare better than other parts of the world and better than the region itself during previous global economic crises. But macroeconomic disequilibria in high-income countries—especially rising fiscal deficits and sovereign debt in the United States and parts of Europe—run the risk of becoming unsustainable.
On Tuesday, December 8, 2009, CGD hosted an event with The Latin America Shadow Financial Regulatory Committee (LASFRC), a group of former senior Latin American policymakers, on Too Early to Lower the Guard: How Will Latin America Fare if Macroeconomic Imbalances in Industrial Countries Intensify? The event featured members of LASFRC including: Liliana Rojas-Suarez, President, CLAAF; Senior Fellow, Center for Global Development; Guillermo Calvo, Former Chief Economist, Inter-American Development Bank; Pedro Carvalho de Mello, Former Commissioner of Comissão de Valores Mobiliários, Brazil; Roque Fernandez, Former Minister of Finance, Argentina; Pablo Guidotti, Former Vice-Minister of Finance, Argentina; and Roberto Zahler, Former President Central Bank of Chile.