remarks by mr. javier guzman calafell, deputy governor at the banco de mexico, on “ emerging markets in an era of dollar appreciation and volatile capital flows ”, at the state street global advisors ( ssga ) - official monetary and financial institutions forum ( omfif ) roundtable “ policy rupture : challenges and opportunities for public investors ”. london, april 4, 2017. 1 i would like to start by thanking the organizers for the invitation to speak at this panel. several years after the outbreak of the global financial crisis, the world economy continues to display a weak performance, despite the recovery that has taken place since then. following the rebound observed in 2010, the growth rate of global gdp has been on a declining trend, averaging 3. 5 percent annually during the period 2011 - 2016, a full percentage point below its precrisis trend. it should be noted that the above owes to a large extent to developments in the advanced economies ( aes ), whose sharp gdp contraction and slow recovery in the aftermath of the crisis limited the increase in real gdp from 2007 to 2016 to a mere 10 percent. even though cyclical factors explain to some extent the aforementioned trends, the markedly low speed with which activity has recovered, as well as the perceived fragility of the process, point in the direction of important structural forces at play. indeed, global demand for both capital and the opinions and views expressed in this document are the sole responsibility of the author and do not necessarily represent the institutional position of the banco de mexico or of its board of governors as a whole. consumption goods appears to remain subdued due in part to an excess of savings over investment, further compounded by the long - lasting deterioration of balance sheets across sectors and economies as a result of the crisis. on the supply side, factors such as low productivity growth and demographic trends, especially in the aes, in combination with so - called hysteresis effects from the crisis, are considered to be exerting downward pressure on growth. all in all, this has given rise to concerns about the possibility of secular stagnation and therefore a much less dynamic outlook for the global economy. 2 the situation is further clouded by parallel and reinforcing trends in international trade flows. not only is the global trade volume of goods and services estimated to have recorded last year its lowest pace of expansion since the height of the crisis, but its average rate of growth has been cut by over one half between 2000 - 2007

manuel sanchez : mexico and texas – ties and mutual benefits remarks by mr manuel sanchez, deputy governor of the bank of mexico, at the centennial lecture series, the university of texas, el paso, texas, 10 september 2015. * * * i would like to thank you for the opportunity to participate in the centennial lecture series of the university of texas at el paso. it is a great honor to speak in this distinguished academic center, which has contributed considerably to closer relations between mexico and the united states. i congratulate those of you who have been an essential part of the success story of this institution. the university of texas at el paso has grown at an impressive pace during its first century. after starting out as a small school specialized in mining and metallurgy in 1914, today it is a full - fledged branch of the university of texas, offering a wide range of degrees. el paso now leads in programs on border issues and the relationship between the united states and mexico. enrollment has increased notably over the years, with the hispanic community accounting for a large majority of the student body. today, i would like to focus on mexico and texas as two increasingly integrated economies. i will begin with a review of how their links have expanded over time, yielding significant mutual benefits. i will then briefly describe recent developments in and the outlook for the mexican economy, in a context in which the united states and texas play important roles. finally, i will discuss monetary policy and inflation in mexico. as usual, my remarks are entirely my own and do not necessarily reflect the views of the bank of mexico or its governing board. mexico and texas mexico and texas have a deeply interconnected history of growth. the state of texas can be rightly viewed as one of the largest economies in the world, and its geographic proximity to mexico makes it all the more logical for the two to exploit mutually advantageous opportunities. their symbiosis is a natural consequence of a common cultural heritage, and, in economic terms, includes trade, investment, human capital, and many other areas. in particular, texas is mexico ’ s main trading partner within the united states, and mexico is the state ’ s main partner as well. in fact, texas accounts for more than twice as much of total mexican trade volume as china. as with the united states as a whole, commercial linkages were deepened by the north american free trade agreement, perhaps the most profound structural change ever undertaken by mexico. 1 mexico purchases many goods from texas