Some reduction in the terms of trade might be expected in light of their high level and the projected increase in world dairy supply. But any decline in export prices is likely to be moderated by the improving outlook for global growth and world trade. The current account deficit is expected to deteriorate with increased imports, but not to provoke a severe adjustment.
This could lead to significant efficiency goals because – instead of sharing shiny PowerPoint presentations – we could share the functionality that allows us to replicate each other's analyses with our own data. Now, this conference aims to explore how new techniques can help financial authorities – that is, both supervisors and central bankers – to improve and to learn.