by components ( index, 2018 = 100, deseasonalized series ) total construction & other works machinery & equipment source : central bank of chile. figure 4 inflation indicators ( * ) core inflation ( * ) ( annual change, percent ) ( annual change, percent ) cpi cpi w / o volatiles volatile cpi non - volatile goods non - volatile services ( * ) the series consider the 2023 benchmark cpi basket and the splicing of the central bank of chile. sources : central bank of chile and national statistics institute ( ine ). figure 5 stock of real loans lending interest rates ( 1 ) ( percent ) ( index, 2018 = 100 ) consumer mortgage commercial commercial mortgage consumer ( 1 ) for the commercial and consumer portfolios, the weighted average effective interest rates of all transactions performed during the month by commercial banks in chilean pesos ( nominal ) is used. for the mortgage portfolio, the weighted average of the effective operations contracted in greater santiago, uf - indexed and over three years. ( 2 ) seasonally adjusted series with the census x - 12 procedure, which uses the chilean calendar as a reference. ( 3 ) real data estimated using cpi splicing with 2023 - base cpi, considering latest revision. source : central bank of chile. figure 6 fed funds rate ten - year sovereign interest rates ( percentage points ) ( percent ) fomc jun. 24 fomc mar. 24 market ( 26. mar. 24 ) ffr emerging chile ee. uu. developed ( 1 ) fomc projections correspond to the mid - range fed funds rate presented in mar. 24 and jun. 24 ; market projections correspond to the mid - range fed funds rate futures as of the march 2024 ipom statistical close ( 26 mar'24 ) and the close of this ipom ( 12 jun'24 ). ( 2 ) developed sample includes australia, canada, denmark, korea, norway, singapore, sweeden, u. k., u. s. and the eurozone ; greece and portugal are not included. emergeing includes brazil, chile, colombia, hungary, india, indonesia, mexico, peru, poland, south africa, thailand and turkey. sources : u. s. federal reserve and bloomberg. figure 7 exchange rate copper price breakdown ( index, 2020 = 100 ) ( cumulative change in 2024 weeks up to end of may, percent ) real multilateral geopolitical growth green demand risk on copper ( supply + speculation )

guy quaden : international trade – threats and opportunities in a globalised world introduction by mr guy quaden, governor of the national bank of belgium, at the international conference 2010, brussels, 14 october 2010. * * * ladies and gentlemen, on behalf of governor quaden and also on my behalf, as member of the board of directors in charge of the research department, i am pleased and i indeed feel it an honour to have the opportunity to welcome you to the sixth national bank of belgium conference. as you will have seen in the programme, governor quaden was initially scheduled to open the conference. unfortunately, in view of unforeseen circumstances, he cannot be here with us this morning. he kindly asked me to offer his apologies in that respect. instead, he will address you tomorrow at the closure of conference, drawing the conclusions from the discussions, and will outline his views on a topic he thinks is of the utmost importance. at present, i would like to bid you once more a hearty welcome to our conference. held once every two years since the year 2000, this regular event is one of the initiatives taken by the bank to promote scientific research in fields that lie at the heart of the concerns of all those involved in economic life, and also to expand its own understanding of the functioning of the economy. the theme that has been chosen for this sixth edition, namely international trade and capital flows, is of particular importance for our institution, just as it is for other observers of the belgian economy. indeed, our country owes a good part of its prosperity to its particularly high level of openness to trade. one consequence of being so open to the rest of the world is of course the fact that our economy ’ s growth depends heavily on world demand and on the capacity of our domestic firms to tap new opportunities on foreign markets. the close relationship linking economic growth to firms ’ performance on external markets obviously does not only concern belgium. against a backdrop of the increased globalisation that has rapidly taken hold over the last twenty years, it is a topic followed very closely by economic stakeholders in all the industrialised nations. that can be mainly explained by the rise in power of emerging countries, notably the central and eastern european states, india, brazil and, above all, china. having benefited from both a strong trade liberalisation and large foreign investment inflows, while taking advantage of low production costs and raising their level of technological know - how, these economies now seem like fearsome competitors