##2 and in mexico ’ s oilproducing capacity, 3 led to a reduction of fiscal revenues from this source from 8. 8 percent of gdp in 2012 to 3. 8 percent in 2017. 4 uncertainty associated to the possible trajectory of interest rates in the united states, to a significant extent driven by the risks deriving from fiscal expansion in an economy operating around full employment, has been sharper in mexico than in other emes, given tight links with the us economy and a high degree of openness to foreign capital flows. the 2016 presidential election in the united states and its aftermath have resulted in unease regarding the prospects for the economic relationship between the two countries in coming years. the renegotiation of nafta has become a focal point of attention for both domestic and foreign investors, in view of the importance of this agreement for the region, both from an economic and an institutional point of view. the potential economic and political implications of the recently concluded electoral process in mexico, where a new president, congress and several state governors were elected, has also been a source of uncertainty. partly as a result of several of the above factors, the availability of external financing declined significantly, from an annual average above 4 percent of gdp in 2013 - 14, to some 1. 5 percent in 2015 - 17. although the price of the mexican crude oil basket has recovered from the lows registered in early - 2016, this came atop a sharp fall over the previous year and a half, thus resulting in current prices that are still about 30 percent below the peaks of mid - 2014. oil production nearly halved in the last 15 years, from 3. 45 million barrels per day in december 2003 to 1. 87 million barrels per day at present, a drop of 46 percent. although the energy sector reform of 2013 is expected to foster oil output, results are likely to flourish only gradually over coming years. as per the most recent projections ( march 2018 ), public oil revenues are expected to amount to 4. 0 percent of gdp this year. the mexican economy has adjusted to these shocks through a number of channels. chief among them is the significant depreciation of our currency since september 2014 which, in terms of its value vis - a - vis de us dollar, accumulates to date around 46 percent, a metric that at some stages has recorded figures nearing 70 percent. of course, notwithstanding the abovenoted reduction in the pass - through coefficient, this has had important implications for inflation. although

themselves and their families and future generations. and as a nation, we are deprived of the benefits of their potential contributions to the economy. consumer protection in the context of my earlier discussion of financial inclusion, federal consumer protection laws are critical to ensuring consumers are treated fairly when offered financial products and services. discrimination and deception have no place in a fair and transparent marketplace. these practices can close off opportunities and limit consumers ’ ability to improve their economic circumstances, including through access to homeownership and education. the federal reserve ’ s consumer compliance supervisory program reflects our commitment to promoting financial inclusion and ensuring that the financial institutions under our jurisdiction fully comply with applicable federal consumer protection laws and regulations. let me give two examples involving the federal trade commission act ’ s prohibition against unfair or deceptive practices in products and services that will undoubtedly be familiar to the audience — student financial aid and mortgage lending. in the last few years, the federal reserve has addressed deceptive practices in these areas through public enforcement actions that have collectively benefited hundreds of thousands of consumers and provided millions of dollars in restitution. in the financial aid context, our actions required restitution for students who were not given full information about the potential fees and limitations associated with opening deposit accounts for their financial aid refunds. 10 and in mortgage lending, our action required restitution by a bank that had given borrowers the option to pay an additional amount to purchase discount points to lower their mortgage interest rate, but that did not actually provide the reduced rate to many of those borrowers. 11 as we mark the 50th anniversary of the fair housing act, the fair lending laws remain critical in fostering vibrant communities and a fair and transparent consumer financial services marketplace. for all state member banks, we enforce the fair housing act, and for banks of $ 10 billion dollars or less in assets, we also enforce the equal credit opportunity act. our examiners evaluate fair lending risk at every consumer compliance exam. while we find that the vast majority of our institutions comply with the fair lending laws, we are committed to identifying and remedying violations when they occur. pursuant to the equal credit opportunity act, if we determine that a bank has engaged in a pattern or practice of discrimination, we refer the matter to the u. s. department of justice ( doj ). federal reserve referrals have resulted in doj public 2 / 7 bis central bankers'speeches actions in critical areas, such as redlining and mortgage - pricing discrimination. for example, in