Thirdly, confidence on the resilience and credibility of policy frameworks in EMEs may erode, as external shocks combine with existing vulnerabilities in many of them and growing concerns about central bank independence in some particular instances. 4  See, for instance, Stephen S. Poloz (2018): “Making Sense of Markets”, remarks before the Canada–UK Chamber of Commerce, 5 November.
By 2020, the combined economic output of three leading developing countries alone – Brazil, China and India – will surpass the combined GDP of Canada, France, Germany, Italy, the United Kingdom and the United States.