The theme of this Conference, Building resilience in uncertain times: safeguarding financial stability, encouraging investments, is particularly timely. Today we are going to debate a number of challenges that our countries are currently facing: from the role of central banks in the current uncertain environment to the reforms needed to improve the business climate in the region, as well as the impact of digital finance on financial and economic integration and the role of sustainable infrastructure and connectivity in fostering regional value chains. Allow me to take advantage of chairing the first session of this conference that focuses on the impact of digital finance on the economic and financial outlook to briefly reflect on what are, in my view, some of the key challenges our respective institutions face as a result of the profound and relentless process of digital transformation that the global financial system is currently engaged in. This is certainly a topic that has gained much attention in both policy and academic circles, thus giving rise to a significant amount of research that touches upon the causes and factors underlying the changing landscape, including the extent to which the pandemic has contributed to accelerating this phenomenon.1  1  For example, according to a McKinsey & Company study, due to Covid-19, businesses’ digital offerings leapfrogged about seven years in a matter of months during 2020. In their view, this trend is likely to continue in the near future albeit at a slower pace. This study is available at: https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/ourinsights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever.

1  Moreover, the most indebted countries should, with a medium-term perspective, reinforce the sustainability of their public accounts. A particular difficulty when designing policy responses in the current context is the extraordinary uncertainty and volatility currently surrounding the global economy, which generates risks of policy miscalculation and disruption to financial markets, and requires policymakers to stand ready to adjust policies depending on how the situation evolves. This is clearly how monetary policy is currently being conducted, with data-dependent decisions being made on a meeting by meeting basis, but this may be more difficult to achieve in the case of fiscal policy, given the longer implementation lags involved. From a more global perspective, economic policy-making is facing the challenge of increasing geopolitical tension. If this trend ends up triggering a scenario of runaway fragmentation, the consequences in terms of trade and financial flows, productivity, inflationary pressures, and ultimately economic activity would be very severe. With this in mind, it is not difficult to conclude that, amid the increasing risk of fragmentation in the international sphere, strengthening supranational policies and institutions, which support international cooperation, is more important than ever. I firmly believe that our multilateral system, with the necessary reforms and adaptations to the new circumstances, remains pivotal to global progress, as has been the case over the last few decades. In this respect, I believe that forums like this one are an example of fruitful international cooperation, insofar as they enhance regional cooperation and dialogue.