12  (annual change, percent) -0.3 -0.7 -2.3  6.2 5.3 3.9  4.1 3.8 2.7  3.8 3.5 2.7  3.8 3.3 2.5  3.6 3.2  4.2 4.1 3.2  4.2 3.9 3.2  3.9 3.6  -3.5 -4.2  3.0 1.9 4.4 10.4 10.6 7.8 6.4  1.7 1.5 -0.7 9.2 6.7 4.2 4.4  1.8 -0.1 2.0 8.2 7.7 4.4 3.6  2.1 -0.3 2.0 8.1 7.3 4.3 3.6  2.0 -0.6 2.7 7.9 6.5 3.9 3.3  2.2 1.0 1.6 8.5 8.0 4.8 4.0  2.3 1.0 1.6 8.5 7.9 4.8 4.0  2.0 0.3 1.3 8.2 7.2 4.6 3.7  80  111  107  107  102  115  97  -6.9  -3.5  -0.1  -1.5  9.2 0.2 -2.0  (levels) Brent oil prices $  121  (annual change, percent) Terms of trade (*)  3.6  19.4  0.5  -6.7  -5.3  (e) Estimate. (f) Forecast. (*) Forecasts at December, projected with national accounts, base year 2003; 2010 and 2011 figures, plus forecasts at March and June, with national accounts, base year 2008, considering chained indexes. Sources: Central Bank of Chile based on sample of investment banks, Consensus Forecasts, the IMF and statistics bureaus of respective countries. 10  BIS central bankers’ speeches  Table 3 Economic growth and current account (*) (annual change, percent) 2011  2012 (f) Report Dec. 11  Report Mar. 12  Report Jun.
Rodrigo Vergara: Chile’s latest Monetary Policy Report and Financial Stability Report Presentation by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, of the Monetary Policy Report and the Financial Stability Report, before the Finance Commission of the Honorable Senate of the Republic, Santiago de Chile, 18 June 2012. The Monetary Policy Report of June 2012 and the Financial Stability Report of the first half of 2012 can be found at http://www.bcentral.cl/eng/index.asp  *  *  *  Introduction Mr. President of the Finance Commission of the Senate, Senator José García, senators members of this Commission, ladies, gentlemen. I am grateful for your invitation to the Board of the Central Bank of Chile to share our views on recent macroeconomic and financial developments, prospects and implications for monetary and financial policy making. These views are contained in detail in our Monetary Policy Report of June 2012 and our Financial Stability Report of the first half of 2012. For several quarters now the world economy has been suffering constant swings. We have said time and again that the causes and consequences of the financial crisis of 2008 are yet to be resolved. Thanks to a combination of economic policy responses and its healthy economies and financial systems, the emerging world succeeded in mitigating its effects and resuming a growth trajectory. But the developed world, especially the Eurozone, has been unable to regain its strength.