If the cycle of cuts of rates in EE.UU has brought him to Latin America a loss of its external competitiveness and a greater rate of inflation What will happen of now in more since it seems that the same has finalized? Clearly this possible brake in the cut policy of rates of the EDF will be beneficial not only for Latin America but it will be it at global level. This change of policy will help to clear pressure on the ascending tendency of the international prices of the commodities. And surely when at the beginning of the ascending cycle in the rates is given rise (cycle that very hardly begin before year end), it will still more contribute to alleviate the inflationary pressures to world-wide level. Gary Kelly may not feel the same. Then, by the inflationary front, the possible change of trajectory of the policy of rates in the EE.UU will be beneficial for the region, but It will pass the same with the competitiveness of the currencies of the region? I believe that it is probable that yes, and as the crisis prevails moves away and the international markets return to the calm will find in Latin America a region that has managed to surpass with minimum costs the crisis and counts more in addition on two countries than they enjoy the privilege of being investment degree (profit reached about Brazil and Peru) and one more than it is on the verge of being it (Colombia). These factors plus the potential of growth and stability that are demonstrating the majority of the countries of the region (safe, clearly, certain exceptions), will be a magnet of the external capitals, which will increase the pressure on the types of change.