Thank you very much for giving me the opportunity, once again, to join a discussion at the IMF on the important topic of income distribution. This issue continues to command the close attention of policymakers throughout Latin America and of the Inter-American Development Bank (IDB). I remember that when we tackled this issue at the conference held here in 1995, I told you that I was brought up—professionally—in the United Nations Economic Commission for Latin America and the Caribbean (CEPAL), where we believed that growth and equity were perfectly compatible. Well, experience has taught us that there is nothing axiomatic about that relationship.