This document is an extension of the Macro-Fiscal Consistency Scheme (ECM-F) described in the document “Guidelines for the preparation of the macroeconomic scenario”, published in February 2020, with emphasis on the relation between the monetary-financial sector variables and the rest of the variables of the economy.

The purpose of this document is to outline the main methodological aspects and the technical tools used for the construction of the monetary-financial variables, which comprises the ECM-F and, it seeks to deepen the analysis of the ECM-F and enhance the technical quality of the short, medium, and long-term projections prepared by the OPC.

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