0 2. 1 2. 5 2. 4 2. 8 2. 6 trading partners 3. 6 6. 1 4. 2 4. 2 3. 8 3. 8 4. 2 4. 3 terms of trade 8. 1 23. 8 - 2. 9 - - 6. 7 - - 3. 5 - ( levels ) lme copper price bml ( us $ cent / lb ) - - - - gasoline price ( us $ / m3 ) - - - - ( e ) estimate. ( f ) forecast. ( 1 ) assuming average economic growth for the rest of the world of 3. 2 % in the three - year period 2011 - 2013. ( 2 ) assuming average economic growth for the rest of the world of 1. 7 % in the three - year period 2011 - 2013. sources : central bank of chile based on a sample of investment banks, consensus forecasts, the imf and statistics bureaus of respective countries. figure 1 conditions of 90 - day rates in clp market ( 1 ) ( percent ) ( 1 ) prime deposit rate. ( 2 ) dotted vertical line marks date of cbc's repos purchase announcement. source : central bank of chile. bis central bankers ’ speeches

rodrigo vergara : the central bank of chile and the external crisis presentation by mr rodrigo vergara, governor of the central bank of chile, at a special session held by the honorable senate to “ analyze and evaluate the economic policy measures that have become indispensable to confront the severe symptoms of international recession and with the purpose of becoming familiar with the contingency plan announced by the supreme government ”, santiago de chile, 31 january 2012. * * * mr. president of the senate, senator guido girardi, honorable senators. thank you for your invitation to discuss the international economic situation and the measures that can be adopted in our country to address an external crisis. these instances are important for communicating the vision of the central bank of chile ( cbc ) on these issues. in the past several years, the advanced economies have gone through a severe crisis. the causes and consequences of the great recession of 2008 – 2009 have not yet been resolved and we are again enduring periods of external stress that put to the test the strength of our economy and its fundamentals. this forces us to carefully evaluate the current environment, its implications on the performance of our economy, and the measures we can implement if deemed necessary. during the past year, the biggest tensions have originated in the frail fiscal and financial conditions of some economies in the eurozone. this situation has persisted for a long time and no definitive solution is foreseen in the near term. progress has been made in several areas, but the problems ’ complexities and the political difficulties to deal with them are huge. this, coupled with the delicate position of consumers and firms, has translated in deteriorating economic expectations in the region, anticipating a recession during this year. the situation in the united states, while less severe than that in europe, is also complex, especially because of the slow recovery and little room for fiscal and monetary policies to stimulate the economy. the emerging world, chile included, will undergo a period of slower growth than in the past few years. market consensus forecasts, last week ’ s imf projections, and also those in our december 2011 ’ s monetary policy report point in the same direction ( table 1 ). most recently, the information coming from the u. s. shows a somewhat better performance than was forecast some weeks back, but does not modify medium - term problems and risks affecting its economy. in fact, last week the federal reserve extended from mid - 2013 to end - 2014 the period during which it would hold