A period of tight US monetary policy has begun. It represents a shift from a global environment of low interest rates and a depreciated dollar to one of high interest rates and an appreciated dollar. From the perspective of South American countries, in turn, it is certainly bad news. Indeed, it is related to a drop in commodity prices, a deceleration in global growth as it depresses exports worldwide, a dramatic reduction in the internationally-accepted collateral for debt issue and an increase in funding costs. . How well prepared are the countries of the region to confront this new world?