Although the latest statement by the Federal Reserve has attenuated the possibility of drastic changes, the risk is still present. On the other hand, there is the situation some emerging markets are enduring, where the macroeconomic scenario could be further complicated if their commodities continue to trade at low prices. This risk is most important for Latin America, as it compounds with complex economic and political factors. Furthermore, in several countries in the region, fiscal and current-account deficits persist, making the necessary adjustments more difficult and costly. This is not the case of Chile, where the policy framework has allowed for a timely macroeconomic adjustment in the last year and a half. And let’s not forget the geopolitical conflicts in the Middle East and parts of Europe, with which we have sadly lived for quite some time. In Europe, there is the Greek situation and the quirks that have characterized the agreements to finance the debt. On the positive side of risks, it could also happen that the recovery is stronger in the Eurozone, which could mean a stronger boost to the world economy and Chile. In addition, it is possible that the effects of the drop in the oil price is larger than projected and also that this price remains low for longer. Finally, there is still the risk associated to lower growth in China and its consequences on the price of copper. The state of the Chinese financial system and real estate sector continue to draw the most attention.
It also serves as an antidote to groupthink. These may be baby steps but they are, I hope, steps in the right direction. 65  Deloitte University Press (2013). 66  Please see the One Bank Research Agenda, available here: http://www.bankofengland.co.uk/research/documents/onebank/discussion.pdf. The full discussion paper is available here: http://www.bankofengland.co.uk/research/documents/onebank/discussion.pdf. 12  BIS central bankers’ speeches  (b)  Experiential diversity  A related, but distinct, dimension to diversity is the background and experience of individuals. Again, this is multi-faceted. One dimension which has attracted some attention recently is the socio-economic status of individuals. That has been found to have a striking impact on levels of educational attainment, employment and income prospects, independent of ability. Here, the seeds appear to be sown early in childhood. Studies have looked at the educational evolution of sets of children from different socio-economic backgrounds over time. Parental income and wealth has been found to be a key, if not the key, determinant of a child’s educational progression. 67 Indeed, these socio-economic effects are sufficiently large that they may dwarf factors such as a child’s cognitive ability. 68 For example, imagine testing the cognitive ability of children when two years old. How does socio-economic status then affect their educational progression? Some studies have found that a low-ability child from a high-status group will exhibit higher levels of attainment by the age of six than a high-ability child from a low-status group. 69 And, thereafter, the differences begin to widen further.