There is no parallel with this practice in any other jurisdiction. BIS Review 87/1998  -6-  24. But the process of modernization of our currency board arrangements is likely to be a continuous one, in the light of possible rapid and significant changes in the international financial architecture. The Financial Secretary as controller of the Exchange Fund, and myself as Monetary Authority under his delegated authority, are responsible for making decisions in this area, in consultation with the statutory Exchange Fund Advisory Committee (EFAC). Recently, with the agreement of the Financial Secretary, a subcommittee of the EFAC on currency board operations chaired by me has also been set up to advise, among other things, on currency board arrangements. 25. Whilst it can be argued that transparency in this area of work would help to enhance the credibility of the system and the HKMA, it must, however, be noted that proposals in this area are likely to be market sensitive. It will not be easy to strike a balance. But we should obviously try. I shall shortly be making a proposal to the Financial Secretary initially for the minutes of meetings of the subcommittee, other than those concerning market sensitive issues, to be published, with an appropriate time lag. Consideration will also be given to the subcommittee conducting public hearings to receive opinions and suggestions on monetary management from members of the public.
Rodrigo Vergara: Chile in the international scenario Keynote address by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, at the 2014 IIF (Institute of International Finance) Latin America Economic Forum, Bahia, Brazil, 29 March 2014. *  *  *  I thank Luis Oscar Herrera, Enrique Orellana, Consuelo Edwards, Ivonne Vera and Luis Alvarez for helpful comments. Thank you for inviting me to this year’s Latin America Economic Forum of the IIF, where I will share with you the Central Bank of Chile’s views on where my country stands in the current global scene. I will also talk about the Chilean macroeconomic policy framework and how does it cope with the changing global economy. International scenario The external economic environment in which Latin America operates is changing, and it is necessary for the economies of the region to adjust to these changes. First there is the rebalancing process the world economy is undergoing. The developed economies are beginning to show more evident signs of recovery. Consensus forecasts are that global growth will be stronger this year than it was in 2013, but virtually all the extra boost will come from said recovery in developed economies. Growth projections for emerging markets in 2014, on the contrary, have been revised down time and again throughout the past year. These revisions have been particularly sharp in Latin America, and the region probably will grow less this year compared with 2013.