growth in china. the same is valid for emes. we need to contribute to the global adjustment, but our main concern must be the welfare of our citizens. containing the current inflationary pressures is essential to allow for sustainable growth. delaying monetary policy adjustment may result in more severe adjustments in the future. also, rebuilding fiscal buffers is important in order to have a more balanced recovery and to be better prepared to conduct macroeconomic policies. some days ago, the chilean government announced a timely and relevant fiscal tightening that should contribute to the moderation of aggregate demand. the world is not going through a currency war ; neither are emes being flooded by liquidity from advanced economies. but, in emes, there are many tensions and challenges that we must deal with appropriately in order to build more resilient economies and take full advantage of the great progress achieved during recent years in terms of macroeconomic and financial stability. these are the main contributions central banks can make to their countries. figure 1 world output ( annualized quarterly change, percent ) output gap - 2 - 2 - 5 - 5 - 4 - 4 - 10 - 10 - 6 - 6 emerging economies developed economies 02 04 06 08 10 developed economies emerging asia latin america ( 1 ) ppp - weighted regions. ( 2 ) the fourth quarter is an estimate. ( 3 ) gap obtained with the hp filter, except in advanced economies, where oecd estimates were used. sources : central bank of chile based on data from bloomberg, consensus forecasts, oecd, and the statistics offices of each country. bis central bankers ’ speeches figure 2 monetary policy rates around the world ( percent ) chile developed econ. emerging eco. ( 1 ) corresponds to a simple average of the reference rates for each group of countries. ( 2 ) includes euro area, japan, united kingdom, and united states. ( 3 ) includes brazil, czech republic, china, colombia, hungary, south korea, mexico, peru, poland, and south africa. sources : central bank of chile and bloomberg. figure 3 u. s multilateral nominal exchange rate ( * ) ( index, march 1973 = 100 ) ( * ) an increase indicates a depreciation of the dollar against main trading partners. sources : bloomberg and u. s. federal reserve. bis central bankers ’ speeches figure 4 real exchange rate ( index ; 2005 = 100 ) latin america emerging europe united states emerging asia commodity exporters ( 1 ) correspond a simple average of the real exchange

denis beau : for a contribution from our fintech ecosystem to a more efficient and stable financial system speech by mr denis beau, first deputy governor of the bank of france, at the fintech r : evolution 2020, paris, 15 october 2020. * * * ladies and gentlemen, i am delighted to take part in this 5th edition of fintech r : evolution and i would like to warmly thank the france fintech association and its chairman alain clot for their invitation to speak today. this event, organised against the backdrop of the ongoing health crisis, is proof of the drive, determination and adaptability not only of the organising association, france fintech, but also of the entire innovative french ecosystem of the financial sector, which is now represented here as widely as possible. the french fintech ecosystem, like any ecosystem made up of start - ups, is fragile but it is promising and, i believe, vital to the financial sector. the economic crisis associated with the health crisis highlights these contrasting characteristics : on the one hand, start - ups may be weakened or innovative projects delayed by the economic situation ; and on the other hand, the health crisis has accelerated the adoption of new digital habits by the entire population. more generally, 2020 has only served to underscore the challenges facing the financial ecosystem as a whole as a result of the digitisation of our economy. in order to meet these challenges, it is imperative that this ecosystem transforms to accommodate changes in demand for financial products and services, the increased competition that is driving down profitability and the fast - growing need for operational resilience. in this context, a thriving, creative and efficient fintech ecosystem may be a key element in the transformation of the financial system towards greater efficiency and resilience to shocks. this is why, as central banker and supervisor in charge of ensuring monetary and financial stability, i feel it is important to support this fintech ecosystem and facilitate its smooth integration into the broader financial ecosystem. naturally, i would like to make it clear that this integration does not, in my opinion, mean a convergence of players, a “ harmonious ” cooperation or a coordinated approach : the various players have different, sometimes even opposing goals, and that is how competition works. however, we should not systematically pit fintechs against established players : there is a great variety of relationships between these two worlds, as we see every day. the potential for enriching the financial ecosystem and making it more efficient and resilient lies in