, with computers and electronics, petroleum and coal products, and transportation equipment making up the largest share. gains for mexico have been seen in terms of competition and pressure for efficiency on domestic production lines, as well as greater variety and lower prices for consumers. 2 for an examination of the benefits of nafta for texas, see aguilar barajas, i. et al. ( 2014 ). “ trade flows between the united states and mexico : nafta and the border region, ” journal of urban resources, 10 / 2014. for details on texas exports to mexico, see wilson, c. e. ( 2011 ). working together : economic ties between the united states and mexico, woodrow wilson international center for scholars, p. 45. bis central bankers ’ speeches the role of texas in u. s. and mexican trade supersedes texan borders, as it is the state with the largest terrestrial ports of entry between the two countries. this is especially important given the fact that roughly four - fifths of u. s. trade with mexico is by land. 3 direct investment from texas has greatly helped mexico, which is on the receiving end of knowhow and advanced production technology. many mexican companies, for their part, do business in texas. furthermore, a great many trade - related jobs have emerged on both sides of the border. in fact, the lone - star state is that with the greatest number of exports - related jobs in the united states. 4 additionally, texas is the second most important state in terms of labor migration from mexico. for a long time, as we all know, our migrants have found opportunities to contribute to this vibrant economy with great dedication and efficiency. remittances, in turn, have allowed families in mexico to increase schooling and build better housing. during the last few years, net mexican migration to the united states has decreased significantly, to levels that recently became negative. this trend seems to reflect the slow rebound since 2009 of u. s. economic sectors such as construction, which have traditionally absorbed mexican labor. lower fertility rates in mexico since the 1980s might also be a part of the explanation. 5 finally, texas provides a rich supply of schools and universities such as your own, which many mexicans have chosen for all levels of education. mexican economic developments and outlook like other emerging economies during the last couple of years, mexico has been hit by turbulence in international financial markets. two sources of fear dominate on the world stage. the first is

of an escalating migrant crisis, the un declaration adopted two weeks ago in new york which calls for a more equitable sharing of the burden for hosting the world ’ s migrants and refugees becomes even more relevant. take, for instance, the recent eu deal with turkey, which has promised to accept migrants back to its territory in exchange for financial aid. that was based on a premise that turkey was a safe country for refugees. lots of international analysts cast doubts on this after the latest bout of political instability and the heavy crack - down on suspected dissidents in the military, the judiciary and even higher - education in our neighbouring country. point number 5 : the british reform benchmark to be followed by south - eastern europe despite brexit, the uk could be used as a reform benchmark by south - eastern european states to be emulated in a number of ways. according to the oecd, the uk has the least regulated labour market and is second to the netherlands as the least regulated product market in europe. the uk also has low taxation ( a corporate tax rate of 20 % and there is speculation that this will go down to 15 % as an incentive to foreign firms to stay in britain after brexit ). south european countries would stand to gain a lot by starting to resemble britain in a number of areas, including the attraction of fdi, public sector accounting, transparency, rule of law and strong institutions including an efficient public administration plus credible government financial management. this should be the agenda for the whole of south europe in the years to come, with or without adjustment programmes, namely using the uk as a benchmark, except one thing : brexit! 2. implications of brexit for central banks1 a. less (? ) monetary policy divergence the brexit vote triggered a broad - based reassessment of the future path of monetary policy globally. with improving headline growth still perceived as fragile in most advanced economies, and inflation still persistently low, the distinct response from major central banks to the brexit 3 / 5 bis central bankers'speeches uncertainty can be described as dovish : policy rates would stay “ low for longer ”. the bank of england cut the policy rate by 25 basis points ( it is now 0. 25 % ), and expanded the government bond purchase scheme by £60 billion, bringing the total to £435 billion. it also established a new corporate bond purchase program of £10 billion, and launched a new