We have digital-driven lifestyles, and so we must strive to preserve shared values that promote societal well-being.” I think we would do well to keep these goals in mind in our efforts to strengthen governance, risk and controls in the era of disruption. On that note, let me welcome you once again to the Conference and wish you productive discussions ahead. Thank you very much. 4/4  BIS central bankers' speeches
Mojmír Hampl: Examining the resilience of emerging markets Speaking points by Mr Mojmír Hampl, Vice Governor of the Czech National Bank, at the third Annual SSGA-OMFIF Roundtable, London, 10 April 2018. * * * Let me start with a discussion of what it means for an economy to be classified as “emerging”. First of all, it is important to realise that our current taxonomy is to a large extent based on the Marxist tradition of classifying economies according to “stages of development”. Prior to Marx, there was no such taxonomy and really no need for it. Instead, we used to group countries according to different criteria, such as religion, race, or territory. But any discrete classification is arbitrary and artificial, and can sometimes even be confusing. For example, the post-communist countries of Central Europe are typically classified as “developed” by most governmental or international institutions (the IMF, World Bank and EBRD), but as “emerging” by most market institutions (FTSE, MSCI, S&P and J.P. Morgan, among others). What makes the entire issue even more complicated is that having an emerging financial market does not immediately imply being an emerging country, and theoretically vice versa. To put these thoughts into perspective, let me use the classification put forward by J.P. Morgan, according to which both Bangladesh and the Czech Republic rank as emerging economies: in this taxonomy, they are at the same stage of development.