SIR, John Legge claims that economic rationalist reforms in Mexico over the past seven years have "been a disaster for the people of Mexico" (February 3). They have been such a "disaster" that real private consumption expenditure has increased over that period by no less than 27.5 per cent! The trouble is that Mexicans were on such a good thing they got a bit carried away. They also failed to adopt some key rationalist reforms, including a floating exchange rate and an "independent" central bank.
Hence, the present need for macro-economic policy measures to get them back on the straight and narrow.
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