The Mexican Crisis last summer exposed the fact that the failure of central banks to control lending by private banks, or even to monitor the complexities of the inter-bank market, have brought the entire financial system close to catastrophe.

The Mexican Crisis and the economic adjustment that it necessitated have been traumatic for the people of Latin America and for the whole world.

This year, following the Mexican Crisis, the increase is lower, at more than 11 per cent.

Further progress was made in responding to the lessons of the Mexican Crisis, as envisaged at the Halifax summit in June.