required to deliver our mandate. at the same time, an extended phase of below - target inflation poses a communication challenge in maintaining focus on the medium - term inflation goal. it is obvious that it is easier to demonstrate commitment to the target if the actual track record of inflation outcomes corresponds more closely to the declared objective. accordingly, it is essential that a central bank shows consistency in its monetary policy decisions by proactively responding to shocks that might delay convergence to the target or move inflation dynamics in an adverse direction. to this end, especially in a world of non - standard measures and an essential role for forward guidance, it is also vital that a central bank demonstrates that it is always seeking the most effective methods to deliver on its mandate. references albertazzi, ugo ; altavilla, carlo ; boucinha, miguel and di maggio, marco ( 2018 ), “ the incentive channel of monetary policy : quasi - experimental evidence from liquidity operations ”, mimeo, first annual rtf workshop, frankfurt am main. altavilla, carlo ; canova, fabio and ciccarelli, matteo ( 2016 ), “ mending the broken link : heterogeneous bank lending and monetary policy pass - through ”, journal of monetary economics, forthcoming. benetton, matteo and fantino, dadvide ( 2018 ), “ competition and the pass - through of unconventional monetary policy : evidence from tltros ”, banca d ’ italia working paper no 1187. bottero, margherita ; minoiu, cameli ; peydro, jose - louis ;, presbitero, andrea and sette, enrico ( 2019 ), “ negative monetary policy rates and portfolio rebalancing : evidence from credit register data, ” imf working paper wp / 19 / 44. brunnermeier, markus and koby, yann ( 2018 ), “ the reversal interest rate ”, nber working papers 25406, national bureau of economic research. 17 / 19 bis central bankers'speeches cœure, benoit ( 2019 ), “ the effects of app reinvestments on euro area bond markets ”, closing remarks at the ecb ’ s bond market contact group meeting, 12 june 2019. demiralp, selva ; eisenschmidt, jens and vlassopoulos, thomas ( 2019 ), “ negative interest rates, excess liquidity and retail deposits : banks ’ reaction

and turkey. ( 2 ) dotted vertical line shows march 2016 monetary policy report 2016. ( 3 ) includes brazil, colombia, mexico and peru. ( 4 ) includes brazil, colombia, czech rep., korean rep., israel, mexico, philippines, poland and turkey. ( 5 ) includes australia, canada, new zealand and south africa. ( 6 ) weo's april 2016 weights. sources : central bank of chile, bloomberg and emerging portfolio fund research. table 2 international baseline scenario assumptions 2015 ( e ) mar'16 report jun'16 report 2016 ( f ) mar'16 report jun'16 report 2017 ( f ) mar'16 report jun'16 report terms of trade trading partners'gdp world gdp at ppp world gdp at market exchange rates developed ec's gdp at ppp emerging ec's gdp at ppp united states china eurozone latin america ( excl. chile ) external prices ( in us $ ) - 1. 8 3. 4 3. 4 2. 7 1. 7 4. 8 2. 4 7. 3 0. 9 1. 1 - 0. 9 - 4. 5 2. 9 3. 1 2. 4 1. 9 4. 0 2. 4 6. 9 1. 5 - 0. 7 - 9. 7 - 4. 5 3. 0 3. 1 2. 4 1. 9 4. 1 2. 4 6. 9 1. 6 - 0. 5 - 9. 8 - 4. 2 2. 9 3. 1 2. 4 1. 8 4. 0 2. 3 6. 4 1. 5 - 0. 9 - 5. 8 - 3. 9 2. 8 3. 0 2. 3 1. 7 4. 1 1. 9 6. 5 1. 5 - 1. 0 - 3. 8 0. 7 3. 1 3. 3 2. 7 1. 9 4. 5 2. 4 6. 1 1. 6 1. 3 1. 0 0. 1 3. 2 3. 4 2. 7 1. 9 4. 6 2. 3 6. 2 1. 6 1. 5 0. 6 lme copper price bml ( us $ cents / lb ) wti oil price ( us $ / barrel ) brent oil price ( us $ / barrel ) gasoline parity price ( us $ / m3 ) libor us $ ( nominal, 90 days ) 0. 2 0. 3 0. 3 0. 7 0