Let me conclude with the following thought: the IMF estimated recently that 2/3 of spread compression in EMEs is explained by external factors. These external factors are reverting.
If EMEs want to preserve such spread compression, they should: –  First, reinforce their macroeconomic fundamentals, keeping the central bank focused on keeping inflation on track and playing a leading role in the design and implementation of macroprudential policies; assuring the sustainability of its debt, and upgrading the regulatory and supervisory regime in the financial sector, and second,  –  Proceed with structural reforms to enhance competitiveness and growth and at the same reduce the correlation with the world’s business cycle.