In the immediate future, a new draft for the General Banking Law has been sent to Congress, with a focus on three areas: Corporate Governance of the regulator, Basel III capitalization rules, and Banking Resolution. Progress in these three areas is of paramount importance. In particular, a greater convergence with the international standards on banking capital requirements defined by Basel III would solve a lag that has pulled back the banking system for several years. Equally important is to strengthen the security network of the financial system by improving the mechanisms to administer banks in financial problems (bank resolution). Once this project is sent by the Executive, it is desirable for it to receive the necessary attention and be able to advance in the formalities bypassing the political processes that will characterize the last months of this year. Another much debated topic internationally are the potential effects of technological innovations in financial markets (Fin tech) 1/. These innovations have the potential to trigger major changes in the financial system, which would provide great opportunities for the agents, but would also / See paper by Carolyn Wilkins (2016), http://www.bis.org/review/r160622a.htm  1  10  threaten its stability and safety. Addressing this matter in a proper and timely manner is another challenge for financial regulators. Likewise, an area with important recent developments is the regulation of derivatives markets. This is a significant point of interaction between the stability of the financial system, monetary policy and economic growth.
Thus, world growth is expected to average 3.5% in 2017–2018, with trading partners that will grow 3.3% in the same period, significantly matching the March forecasts. The copper price is also expected to remain at USD 2.55 per pound this year and USD 2.5 next year, and the oil price will average a little over USD 50 per barrel in the same time span (table 2). In the baseline scenario, monetary policy will remain expansionary through the entire projection horizon. Estimates use as a working assumption that the trajectory will be consistent with the various measures of expectations as of the closing of the Report (figure 10). As always, it must be stressed that this is a working assumption, not a commitment. Therefore, the conduct of monetary policy and possible adjustments to the MPR will be contingent on the effects of incoming information on the inflation outlook. Risk scenarios Abroad, the main sources of uncertainty remain linked to the factors identified in previous MP Reports. On the one hand, there is the conduct of fiscal and monetary policy in the United States and its impact on the global economy and on financial conditions. Also uncertainty about the political environment. In Europe, recent election results have been dissipating some of the political risks, in a context where growth has consolidated and data has been higher than expected, so a new boost from the region on the global economy cannot be ruled out.