*  *  *  It is certainly a pleasure to be invited to the stunningly beautiful Brazilian coast to participate in the 2014 IIF Latin America Economic Forum. I would like to thank the Institute of International Finance for the chance to share some thoughts with you on the challenges and opportunities faced by Latin America in the current economic environment.
I will organize my remarks as follows. First, I will comment on the changing global context for emerging markets; second, I will highlight some policy options that our countries may entertain to confront likely external financial headwinds; and finally, I will make a few comments on the Mexican economy. Evolving global challenges Two trends are particularly noticeable in recent world economic developments.