markets have had very limited effects on the chilean economy ( figure 6 ). figure 6 : exchange rates ( local currency units per us dollar, percent change ) may 2006 argentina australia brazil chile eurozone hungary indonesia japan malaysia mexico new zealand philippines poland russia south africa south korea turkey united kingdom 1, 5 5, 8 8, 0 7, 3 1, 6 7, 0 6, 6 5, 2 2, 9 5, 4 3, 3 4, 0 6, 1 0, 1 20, 3 3, 2 20, 3 2, 3 february 2007 august 2007 0, 0 3, 0 2, 6 1, 0 0, 7 0, 7 2, 0 - 4, 2 0, 7 1, 0 5, 2 1, 0 0, 6 0, 4 5, 9 1, 2 5, 1 2, 2 1, 7 argentina 10, 3 australia 8, 8 brazil 1, 9 chile 2, 4 eurozone 5, 1 hungary 3, 3 indonesia - 6, 3 japan 2, 3 malaysia 3, 1 mexico 13, 6 new zealand 4, 1 philippines 1, 8 poland 1, 4 russia 6, 8 south africa 2, 9 south korea 7, 0 turkey 3, 4 united kingdom ( 1 ) shows variation between 10 may and 27 june. ( 2 ) shows variation between 26 february and 5 march. ( 3 ) shows variation between 19 july and 17 august. source : bloomberg. long - term interest rates ( variation in basis points ) may 2006 argentina australia brazil chile eurozone hungary indonesia japan malaysia mexico new zealand philippines poland russia south africa south korea turkey united kingdom usa february 2007 - 4 - 9 - 72 - 11 - 679 - - 18 - 7 - 8 - 4 - 3 - 6 - 12 - - 5 - 75 - 9 - 13 august 2007 382 argentina - 36 australia 90 brazil - 8 chile - 26 eurozone 53 hungary 112 indonesia - 33 japan 23 malaysia 27 mexico - 60 new zealand - - philippines 12 poland 26 russia 3 south africa - - south korea 161 turkey - 34 united kingdom - 33 usa ( 1 ) shows variation between 10 may and 27 june. ( 2 ) shows variation between 26 february and 5 march. ( 3 ) shows variation between 19 july and 17 august. source : bloomberg. something very simple reflects the proper functioning of our economy : in a moment where the world has seen a major retraction of credit operations, in chile companies have continued to place long - term bonds in the private market.

generally denoting a systemic orientation of ﬁnancial regulation and supervision linked to the macroeconomy. the objective of these earlier macro - prudential policies aimed initially at achieving ﬁnancial stability through smoother economic and ﬁnancial cycles 2. under that premise, several jurisdictions3 started implementing tools like loan - to - value ratios, margin requirements and dynamic provisions. ecb. financial stability review. may 2014 “ the distinction between the micro - and macro - prudential dimensions of financial stability is best drawn in terms of the objective of the tasks and the conception of the mechanisms influencing economic outcomes. it has less to do with the instruments used in the pursuit of those objectives. ” the term " macro - prudential " : origins and evolution - bis quarterly review, part 6, march 2010. notably the usa and europe. macro - prudential regulation : history, theory and policy ( bis. org ) however, it was not until the aftermath of the 2008 global ﬁnancial crisis that international organizations and regulatory bodies began to decisively develop, adopt, and implement macro - prudential policies aimed at mitigating systemic risks that can accumulate over time. this shift was informed by the crisis, which showed that, while traditional micro - prudential approaches are essential, keeping individual ﬁnancial institutions sound is not enough to protect against unchecked system - wide risks and safeguard from systemic crises. therefore, policymakers need a broader approach and a toolkit to safeguard the ﬁnancial system as a whole. the basel iii framework, as introduced by the basel committee on banking supervision ( bcbs ), is a critical step in this direction, providing regulators with tools such as the countercyclical capital [UNK] ( ccyb ) and liquidity coverage ratios that aim to enhance ﬁnancial system resilience during times of stress. the introduction of the ccyb incorporates for the ﬁrst time a macro - prudential tool within the basel standards, aimed at strengthening the resilience and ability of the ﬁnancial system to withstand shocks and to continue providing ﬁnancial services, without amplifying the original shock. in this context, basel iii “ directly addressed ” the risks associated with the “ procyclicality ” of the ﬁnancial system 4. the recent experience with the covid - 19 pandemic, showed that countries where ccyb was activated and accumulated, had some advantages over others where the [UNK] was not