José De Gregorio: Adjustment in the global economy Keynote address by Mr José De Gregorio, Governor of the Central Bank of Chile, at the 2011 Institute of International Finance (IIF) Latin American Economic Forum, Calgary, 27 March 2011. *  *  *  I am grateful to Luis Oscar Herrera, Enrique Orellana and Tatiana Vargas for valuable comments. Thank you very much for the invitation to speak at this 2011 IIF Latin American Economic Forum. The last few years have been the most challenging for economic policy around the world in many decades. From an unprecedented inflationary shock in 2007–08, the global economy went through a financial crisis and a recession in 2008–09, of a scale not seen since the Great Depression. Now, we are experiencing a process of recovery with strong inflationary pressures and tensions in the world economy as a result of asymmetries in this process. The purpose of my talk today will be the global adjustment, how it has been proceeding and what the current challenges for policymaking are, with special focus on the asymmetries and their implications for economic policy. The uneven recovery The world economy is growing unevenly and subject to many tensions. Most advanced economies are recovering from the crisis, but they still have high rates of unemployment and excess capacity, and this is expected to last for some time.
AoF Members will be invited to participate in the Leadership Development Programme through which they can interact with the Academy’s International Advisers, Fellows and other top financial leaders through seminars, workshops and small group discussions. Although the Academy does not offer technical or professional training, which is well served by many tertiary institutions and professional bodies such as the Hong Kong Institute of Bankers, the Hong Kong Securities and Investment Institute, the Treasury Markets Association, we will collaborate closely with these institutions as our partners to achieve the maximum synergy in accomplishing our common goal of enhancing the soft power of Hong Kong. 4. On the research front, the Hong Kong Institute for Monetary Research (HKIMR), which was set up 20 years ago to undertake monetary and economic research, has become a subsidiary of the AoF and will expand its ambit to cover Applied Finance Research and Thought Leadership. The HKIMR will continue to have its own Board of Directors and, in addition to the existing Council of Advisers for Monetary Research, a new Council of Advisers for Applied Research has been set up to oversee the applied research work of AoF. 5. The AoF is a cross-sectoral collaboration to achieve the goal of enhancing the competitiveness of Hong Kong’s financial industry.