SOUTHERN CONE AND ANDEAN OPPORTUNITIES CONFERENCE CHILE: THE VIEW FROM THE CENTRAL BANK Mario Marcel1/ Governor, Central Bank of Chile April 2017  Current macroeconomic conditions and prospects in the monetary policy scenario 1. The last few months have brought mixed signals for the Chilean economy. On the one hand, 2016 ended in a low tone, with a slowdown in activity and inflation. A series of oneoff events extended economic weakness into the first quarter of 2017, lowering forecasts for the year as a whole. On the other, the global outlook appears more favorable, both for the growth of trade partners and terms of trade. This suggests a gradual improvement of economic prospects for the Chilean economy which should be further supported by an expansionary monetary policy as long as inflation remains below target. 2. Activity data and expectations in advanced economies have been more upbeat, marked by better than expected performance by the manufacturing sector and a broadening of the growth outlook across countries following years of stagnation. As a result, deflationary risks have dissipated, as inflation is expected to return to more normal levels. The Federal Reserve (Fed) has continued to normalize monetary policy and monetary authorities in Europe and Japan appear to have set aside the possibility of additional stimulus measures. Markets have incorporated these changes in their expectations avoiding any serious disruptions. Along with better signs in advanced economies, activity in China has remained relatively stable, which contrasts with what had been observed one year ago. 3.

Robert Ophèle: Cyber security in the financial sector Opening speech by Mr Robert Ophèle, Deputy Governor of the Bank of France, at the Conference “Cyber security in the financial sector”, Paris, 17 June 2014. *  *  *  Emmanuelle Assouan, Frédéric Hervo, Claudine Hurman, Caroline Keribin, Clément Martin and Axel Petitprez have also contributed to the preparation of this speech. Ladies and gentlemen, I am very happy to introduce this conference about cyber-security in the financial sector. This issue could be considered in the first place as very technical, the type of issue that has to be addressed only within a limited forum of experts. This would be an error and on the contrary, it is key that public authorities, including central banks, dedicate sufficient attention to cyber-security, given its system-wide implications notably for the functioning of the financial system. Over the past decade, the financial sector has changed considerably with the emergence of the Internet and the use of new information technologies. The market has been able to innovate and improve the quality, the performance and the efficiency of services such as online banking, mobile payments, and settlement platforms. Public authorities have indeed encouraged dematerialization in the financial sector to foster economic growth and also to reduce the operational risks inherent in previously non-automated processes. For example, the new European regulation on Central Securities Depositories requires using dematerialized securities and promotes automated and straight-through processes in securities settlement systems.