There is a great potential, particularly in the bond market. However, legislation needs to be further improved to pave the way for its healthy development. There is an urgent need for governments at all levels, businesses, intermediaries and investors to realize that escaping from debt repayment 2/4  BIS central bankers' speeches  obligations is not only unethical, but also illegal and even criminal.
I would like to thank the Bank of Guatemala for the invitation to participate in this symposium, now in its 25th year, which has become an invaluable forum for discussing substantive economic issues in Latin America. On this occasion, I will devote my comments to the divergence of monetary policy stances in advanced nations and the potential impact this may have on emerging economies.