Javier Guzmán Calafell: Attacks of tariffs - what about currencies?

Remarks by Mr Javier Guzmán Calafell, Deputy Governor of the Bank of Mexico, at the Euro 50 Group and Centre for International Governance Innovation (CIGI) Meeting, Bali, Indonesia, 12 October 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I thank the organizers, and especially Nina Massis and Edmond Alphandéry, for the invitation to join you in this event.

Ten years after the outbreak of the financial crisis, the global economic recovery appears to have peaked, with GDP growth rates for this and the next couple of years projected to stabilize at levels similar to those recorded in 2017, and to decline subsequently to a less vigorous pace in line with lower potential rates of growth in many economies. Further to the envisaged loss of momentum going forward, a number of remaining legacies, as well as new perils, continue to tilt the balance of risks for the outlook to the downside.