The central bank’s role in enabling long-term productive investment, coupled with targeting subsidized credit to strategic sectors, is credited with the rapid growth of manufacturing and overall economic growth in these economies. This occurred during a period of time in which central banks worked with governments to promote economic development. That is,fiscal and monetary policies were coordinated. In 2012, Argentina’s parliament approved a new charter for the central bank that allows it to provide funds for domestic banks and other institutions involved in long-term financing of productive investment.