encouraging corporate governance to facilitate market access, creating mechanisms for easy debt issuance processes, and temporarily reducing the tax rate for listed companies. and six : increasing attractiveness for foreign investors with tax incentives for individual investors and funds and creating a central clearing house, starting with the bond house. looking forward, we need to systematically evaluate the impact of these measures and work together with private participants to push for an improvement in financial education and corporate governance practices. finally, i will move to a topic that i personally consider “ the name of the game ” for the coming years : the greening of the financial system. in this respect, i would like to share the work that banco de mexico, together with other financial authorities has done in the last years. * * * since 2017, banxico has been a founding member of the network for greening the financial system ( ngfs ), which acknowledged that, " climate - related risks are a source of financial risk. therefore, it is within the mandates of central banks and supervisors to ensure that the financial system is resilient to these risks. " in this context, both the analysis of the effects that climate risk can have on financial stability, as well as strategies aimed at promoting and greening the financial system, are parts of a joint strategy that must be approached from many fronts. from my point of view, banxico's task is to integrate the climate component into its financial system risk analysis to achieve a broader objective with specific ends. greening the financial system by promoting a more significant capital mobilization towards lower - carbon investments is one of such goals. banxico can leverage technical work to model the transmission channels of physical and transitional risks and their interaction with traditional financial risks. this way, we can contribute to the debate on the international agenda and take advantage of its means of dissemination to bring visibility to the issue and internalize it in the national agenda. to achieve this objective, we have worked on internal capacity building, inter - agency coordination among financial authorities, academic researchers, and international organizations to promote the exchange of knowledge and technical assistance. through these efforts, the sustainable finance committee ( sfc ) as part of the financial system stability council ( fssc ) was created. the sfc is an advisory board to the council on topics related to sustainable finance. the sfc has a clear agenda ranging from developing a taxonomy of sustainable financing and incorporating climate into the financial risk framework using dissemination strategies and promoting green investments. the work of

the covid - 19 pandemic and the fiscal and monetary policies implemented to mitigate it, together with the effects of the war in ukraine, have been the main factors that have determined the global economic environment and economic policy priorities in the world. first, the performance of the global economy is less now than it was three years ago. the slowdown of the asian emerging economies, especially china, given the pandemic closures and the deepening of the housing crisis, explains part of it. the downward revision of growth in europe has also been influenced by the war in ukraine. in addition, above all, we must highlight the tightening of monetary policy associated with the resurgence of inflation as a global phenomenon. lower growth and high inflation have significant implications for capital flows to emerging economies. in mexico, the economic landscape has also changed substantially over the past three years. in june 2019, a stagnation of economic activity was already perceived, led by the weakening of domestic demand, particularly investment. however, overall inflation showed a downward trend, while core inflation, which eliminates the most volatile prices and better reflects domestic inflationary pressures, remained above our inflation target of 3 %. since then, an environment of considerable uncertainty for the growth of the mexican economy had already stood out, and the risk balance was downwards. the main concerns stemmed from uncertainty due to global trade disputes and the extended ratification process of the usmca. however, the slowdown in domestic investment and consumption was also a cause for concern. regarding inflation, while there was also a perception of significant uncertainty, the balance of risks remained balanced. currently, the growth outlook has deteriorated, but unlike 2019, it is now mainly responding to the weakening of the external environment. on the other hand, domestic demand has recovered gradually, primarily driven by consumption. however, inflation has risen to unrecorded levels in two decades, and there are signs of price formation contamination and the beginning of the de - anchoring of inflation expectations. therefore, since june 2021, banxico began to raise its benchmark rate by 450 basis points from 4 % to bring it to 8. 5 %, the highest level in history. it is clear that reducing inflation towards our target is a job that needs to be done ; otherwise, the costs would be much higher. thus, we expect to face a global environment characterized by economic weakness with high - interest rates for longer than expected. price stability is the foundation for investment and sustained growth. but