New Challenges for Central Banking in Latin America

IMF Seminar

imf seminars event

DATE: October 8, 2015

DAY: Thursday

11:45 AM - 1:00 PM Lima Time

LOCATION: Lima Convention Center 6 - Pachacamac

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Over the past two decades, many central banks in Latin America have made important strides—establishing inflation-targeting framework and delivering low and stable inflation to much (though not all) of the region. However, important new challenges have arisen. These center around (i) the impact of global financial cycles that complicate and can possibly overpower domestic monetary policymaking; (ii) the largely untested coordination of monetary and macro-prudential policies across different institutional arrangements; and (iii) global disinflationary pressures that, while not yet of concern in Latin America, could at some point necessitate the use of unconventional policies. This seminar will bring together the heads of five major Latin American central banks to discuss the key challenges confronting monetary policy in the region and the strategies needed to address them.

New Challenges for Central Banking in Latin America

Latin America in the Spotlight


Moderator: Nemat Shafik


Nemat (Minouche) Shafik is Deputy Governor for Markets and Banking at the Bank of England, where she has responsibility for the Bank’s balance sheet and its interaction with financial markets. She is a member of the Monetary Policy Committee, sits on the Prudential Regulation Board, and attends the Financial Policy Committee. Prior to joining the Bank, she was Deputy Managing Director of the International Monetary Fund from 2011–14 where she was responsible for policy and programmes in Europe and the Middle East. Prior to that she was Permanent Secretary of the UK’s Department for International Development.

Agustin Carstens


Agustín Carstens holds a M.A. (1983) and a Ph.D. (1985) in economics from the University of Chicago and a B.A. (1982) in economics from the Instituto Tecnológico Autónomo de México (ITAM). Dr. Carstens held several positions at the central bank, including Governor since early 2010. At the Ministry of Finance, he served as Deputy Minister from 2000 to 2003 and as Finance Minister from 2006 to 2009. At the IMF, he served as Executive Director from 1999 to 2000 and as Deputy Managing Director from 2003 to 2006. While serving as Mexico’s Minister of Finance, Dr. Carstens also chaired the IMF and World Bank Joint Development Committee. Since March 2015, he is the Chairman of the International Monetary and Financial Committee (IMFC). He was named Central Bank Governor of the Year by The Banker in 2011 and by Euromoney in 2013. In June 2013 he received from the University of Chicago the Professional Achievement Award as a distinguished alumnus.

Alexandre Tombini


Alexandre Tombini is the Governor of Banco Central do Brasil since January 2011. He is also a member of the BIS Board of Directors since December 2013. He holds a Ph.D. in Economics (University of Illinois, USA) and a Bachelor degree in Economics from University of Brasília (Brazil). He was the Deputy Governor for Financial System Regulation and Bank Licensing at the Banco Central do Brasil and has held other positions at the board level, since June 2005, including in the area of international affairs and of special studies. Before joining the board of Banco Central do Brasil, he was senior advisor to the board of the International Monetary Fund, in Washington DC.

José Darío Uribe E.

José Darío

José Darío Uribe E. has been governor of the Banco de la Republica of Colombia since January, 2005. Prior to that, he was deputy governor (1998-2005) and director of the research department (1993-1998). Previously, Uribe was working for the National Planning Department and taught at various universities in Colombia. He has BA in Business Administration from EAFIT and Economics from Los Andes University, and a PhD in Economics from the University of Illinois, Urbana – Champaign.

Julio Velarde


Mr. Julio Velarde was appointed Governor of the Central Reserve Bank of Peru in September 2006. Mr. Velarde holds a PhD (c) in Economics from Brown University (1978). During his academic career (1986-2003) he has been Senior Professor and Dean of the Economics Department at Universidad del Pacifico (Lima, Peru). He has served as board member at several commercial banks and nonfinancial corporations. In 1990-1992 and 2001-2003 he was a member of the Central Bank Board. Before becoming Central Bank Governor he served as Chairman of the Latin American Reserve Fund (2004-2006). He has also been Chairman of the Governing Board of the Center of Latin American Monetary Studies (2007-2009). He is the author of several books and articles on macroeconomics and economic policy, and is a frequent speaker at international events and forums.

Rodrigo Vergara


Rodrigo Vergara has been Governor of the Central Bank of Chile since December 2011 (serving a 4 year term) and has served as a member of the Board since 2009. Before his appointment to the Bank’s Board, Mr. Vergara was full professor at the Economics Department of Universidad Católica and an economic advisor to the central banks and governments of several countries in Latin America, Eastern Europe, Asia and Africa. He has also been an external consultant for the World Bank, the International Monetary Fund, the Inter-American Development Bank and the United Nations. Mr. Vergara holds a PhD from Harvard University (1991).