year - over - year, compared to 4. 6 percent in the same time period of 2014. the bank of mexico expects inflation to approach 3 percent throughout this year. 8 however, there are risks to this scenario. these include a potentially weaker peso for a prolonged period of time, which, despite low pass - through in recent years, may have an impact on inflation. other risks are renewed substantial rises in noncore price components and eventual aggregate demand pressures. 9 concluding remarks three external issues will be key determinants of mexico ’ s near - term economic performance. the first is sustainable u. s. economic strength. the second is uncertainty on the timing and pace of u. s. monetary policy normalization. third, lower oil prices appear to be here to stay for a while, and prices could even fall further before the trend reverses. on the domestic side, three issues are also predominant. mexican economic growth has disappointed but is expected to pick up to above 3 percent over the next two years. downside risks are still present, including a possibly fragile recovery of domestic spending. financial markets are likely to continue to face volatility. relative resilience in recent months is no guarantee that mexico is immune to future shocks. thus, the authorities need to remain vigilant, as they have done to date. on the monetary policy front, inflation is expected to approach the bank of mexico ’ s 3 percent permanent target throughout this year. going forward, risks to inflation should be carefully monitored so that attainment of the objective is sustainable. finally, amid solid macroeconomic fundamentals, new business opportunities should begin to blossom. in spite of what could be adverse external conditions this year, mexico could very well turn out to be a relatively attractive spot on the emerging - market horizon. see banco de mexico ( 2014 ), quarterly report, july - september 2014, summary, november. for an analysis of fx pass - through to inflation, see banco de mexico ( 2012 ), inflation report, july – september 2012, november, box 1. bis central bankers ’ speeches

with large foreign providers : the failure of a fintech or bigtech could have substantial spill - overs. 5. global coordination to address jurisdictional gaps. 1 / 2 bis central bankers'speeches 6. client protection. 7. cybersecurity. mexican financial authorities are working on the adoption of these policy anchors. the cornerstone for a healthy open financial and payment ecosystem is a safe and robust infrastructure, and central banks play a key role on four core elements : 1. a robust infrastructure for clearing and settlement is imperative for low, medium and large value payments ( 24 / 7 services ). 2. strong authentication and validation infrastructure. 3. plug - in arrangements such as apis to provide access to new participants to the network, including bigtechs. 4. capacity to operate ledger services, as a requirement to implement a cbdc facility. another involvement of bigtechs in the financial system that central bankers must evaluate is the provision of back - office services to the financial system. a clear example is on cloud computing, that could entail business continuity and systemic risks. i conclude stressing that developing an open payment and financial ecosystem safeguarding public interest should be at the top of the local and international agenda : 1 ) adequately regulated, bigtechs and large customer networks could help promote financial inclusion in three key dimensions, payments, investing and financing. 2 ) payment systems are inherent to central bankers in their provision of money. leveraging on the latest technology and developing fast retail payments and cbdcs, are of utmost importance for central banks 2 / 2 bis central bankers'speeches