This body of information leads us to establish that our baseline scenario remains in full force. But still in this conjuncture, which looks fairly favorable for the Chilean economy and the Chileans’ financial situation, it is necessary to warn about the high risks that persist and that is why the CBC keeps risks for growth biased towards more negative scenarios. In particular, among these risks there is the possibility of new episodes of international financial volatility ultimately affecting the agents’ expectations, global demand and international credit. The possibility is still there of a deeper than forecast recession in the Eurozone, as well as of a disorderly evolution of the continent’s problems or even of a fragmentation. And one must also consider the possibility of a sharper adjustment of growth in China. Neither should geopolitical tensions in the Middle East be overlooked, with its potential implications on the oil price. All these external contingencies are part of the preoccupations we monitor closely at the CBC in cooperation with the Finance Ministry and superintendences of the financial sector, within the framework of our coordination meetings and those of the Financial Stability Committee. The preoccupation motivating this session is which measures we could take to confront a further worsening of the global situation that could wash over our domestic economy. The Central Bank of Chile has the necessary tools and policy space to act to mitigate the effects of adverse external scenarios over the Chilean economy.
This balance is critical to deliver the welfare benefits of financial innovation and avoid stalling the development of digital finance with the risk of leaving someone behind. I look forward to the presentations and discussions by the participants at the conference that I am sure will provide interesting reflections on the abovementioned challenges casting light on the fast changing financial innovation landscape, especially in the payments area. I wish all of you an enjoyable and rewarding conference in Ohrid, our charming city, protected by UNESCO for its natural and cultural heritage. Thank you! 1 The Pulse of Fintech 2018: Biannual global analysis of investment in fintech, 2019,  KPMG,  assets.kpmg/content/dam/kpmg/xx/pdf/2019/02/the-pulse-of-fintech-2018.pdf 2 The future of banking is open: How to seize the Open Banking opportunity, 2018, PricewaterhouseCoopers LLP,  retailbankinginnovation.fintecnet.com/uploads/2/4/3/8/24384857/the_future_of_banking_is_open.pdf  4/4  BIS central bankers' speeches