Concomitant with the union repression and wage restraint, economic policy has gone through two phases: the former was liberal and sought to break with previous forms of intervention in the economy. However, imports of goods led to a rapid depletion of the country's foreign exchange reserves. In 1947, under the guidance of the International Monetary Fund (IMF) a second phase, in which the exchange control was retaken, kept the cruise at high levels compared to the U.S. currency. This policy discouraged exports, encouraging, on the other hand, the import of equipment, machinery and other inputs, excluding consumer goods, and favored the expansion of the manufacturing sector.