The uncertainty caused by the outbreak of the crisis led investors to seek refuge in assets traditional such as titles from the U.S. Treasury. But on this occasion, a large part of investment flows took refuge in commodities whose prices reached record levels creating strong pressure on central banks that despite the fall in economic activity should carry forward a strong rise in rates policy put economies at risk of stagflation. The crisis has generated a change in the vision of monetary policies that probably from now on are no longer exclusively of Orthodox dye to allow Heterodoxy in times of crisis. Some probably feel the fear generated by possible actions of moral hazard (i.e., the taking risky actions knowing of the existence of a monetary authority that will come to the rescue in case of need), but probably, this change of vision in the central bankers will limit the uncertainty in markets that have confidence in the ability of those to deploy stabilizing mechanisms in cases where markets are in difficulties. A.

from this crisis, it has been shown that in certain cases the intervention in the foreign exchange market despite the implementation of a monetary policy of inflation targeting is suitable. As Gregory’s reflect it to the Chilean experience, where the credibility of monetary policy is the key that ensures that such behavior not resulting in inflationary pressures. Same stance has been adopted from the Central Bank of Brazil, which aims to fight with the perverse effects that generate speculative capital about the value of the real. Can we imagine us henceforth a world without coordination of economic policies? The need for coordination among different countries, as mentioned in his speech the President of the Argentine Central Bank, Martin Redrado, is another element that will modify the context in which policymakers in the post-crisis stage is desenvolveran. Linked to the need to coordinate policies appears also the need to build networks of protection both in terms of liquidity as of solvency to avoid that the occurrence of situations of stress impact with depth in the markets.