Disponible en Español


Meeting of Experts on Good Governance and Transparency: Autonomy of Central Banks


Opening of the seminar

Javier Priego, Secretary General of the Banco de España, Jaime Herrero, Deputy Secretary General of the Banco de España, and Roberto Marino, Advisor of CEMLA, welcomed the participants of the Meeting. The importance of the issue of good governance in central banking was highlighted. In particular, it was stressed that the theme of the meeting is extremely timely at this time when central banks have had to take extraordinary actions in response to the economic crisis caused by the pandemic. It was commented that the large participation in the seminar, more than 120 participants, shows the great interest that the subject has.

Presentation of the objectives of the Meeting
Mr. Jaime Herrero, Deputy Secretary General.

In the first instance, Jaime Herrero, Deputy Secretary General of the Banco de España, Deputy Director General of the Banco de España presented the objectives of the seminar. In his presentation, he stressed that the Meeting would analyze the impact of some effects of the Covid-19 pandemic on the different frameworks of action of central banks, in particular, with regard to their independence, governance, functions and transparency. He commented that governance refers to how a public or private entity organizes, manages and makes its decisions, creating tangible and intangible value for the State, citizens, shareholders and customers. He stressed that good governance requires knowing the external environment that affects each company or entity. He made an in-depth analysis of the external environment: per capita income growth, globalization, technological change, internet, social networks, climate change, environment, etc.

With regard to the objectives of the meeting, he highlighted the following aspects: Independence and autonomy of central banks, the development of new functions and greater openness to society. The issue of transparency and accountability, the relevance of collegiate decisions, institutional commitment in terms of efficiency, austerity and proportionality, employee commitment to central bank objectives, internal digital transformation, financial system transformation (Fintech, payment systems, blockchain, crypto assets), conservation, regeneration, progress, equality and social commitment, and strategic plans.

Roundtable: Experiences of Different Central Banks on the Consequences Derived from Covid-19

The second session was a round table on the experiences of different central banks on the consequences of Covid-19 on different aspects of central bank performance, such as: independence and autonomy; transparency and accountability; relations with society; functioning of their management bodies; functions and organization; digital transformation; strategic planning.

Roberto Marino, Advisor to CEMLA, moderated and made a brief presentation on the independence and autonomy of central banks. He stressed that the independence of central banks is one of the most important institutional developments of the last four decades and that it has played a key role behind the dramatic fall in inflation around the world. He said that recently, in some countries, there have been voices from politicians who believe it is time to subordinate central banks to the political choices determined by elected officials. He stressed that some central banks are fighting against political interference in their work. He commented that a central bank is considered independent if it meets the following characteristics: a clear and narrow mandate, carries out and defines its policies independently of the executive branch, has autonomy in the application of monetary policy, establishes and controls its budget and administration. He stressed that the main value of an independent central bank is that it can act decisively without political pressure. Following the global financial crisis of 2008, central banks, taking advantage of their independent status, were able to react promptly with unconventional measures to avert a major catastrophe in the global economy. Through their actions, they formulated a coherent policy response in an extremely difficult context. He concluded that central banks are powerful, independent, and their officials are not elected. This combination requires a clearly defined mandate and the highest standards of accountability. To be effective in fulfilling its mandate, credibility in the central bank is of the utmost importance.

Served as panelists

  • - Fabrizio Orrego, Head of the Monetary Programme Department, Banco Central de Reserva de Perú
  • - María Teresa Muñoz Arámburu, Director of Central Banking Provisions, Banco de México
  • - Edgar Arias Freer, Director of the Management and Development Division, Banco Central de Costa Rica
  • - Paul Wood, Deputy Associate Director Program Direction Section International Finance, Federal Reserve Board


Fabrizio Orrego, Head of the Monetary Programme Department, Banco Central de Reserva de Perú

The speaker of the Central Reserve Bank of Peru (BCRP), Fabrizio Orrego commented on various aspects of the legal framework that governs his central bank. It noted that the BCRP was a legal entity under public law. It has autonomy within the framework of its Organic Law. The purpose of the Central Bank is to preserve monetary stability. Its functions are: to regulate the currency and credit of the financial system, to manage the international reserves under its charge, and other functions. He commented that the BCRP is prohibited from granting financing to the treasury, except for the purchase, on the secondary market, of securities issued by the Public Treasury, within the limit set by its Organic Law.

He noted that in response to the Covid-19 crisis, the BCRP has taken steps to avoid breaking the chains of payments and credits in their economies. A first line of measures was to ensure adequate levels of liquidity in their financial systems, as a complement to monetary stimuli via interest rate reductions, through unconventional monetary policy instruments, even in magnitudes greater than those that occurred during the Global Financial Crisis of 2008-2009.

He also noted that in March 2021 a law was enacted that allows the BCRP to set caps on active interest rates in the financial system for consumer loans, low-amount consumer loans, and loans to micro and small businesses.
It was pointed out that interest rate caps are not the most appropriate mechanism to improve the financial conditions of loans, in terms of interest rates and terms, or to promote the process of financial deepening. Appropriate mechanisms are those that create an environment of greater competition in the financial system.

María Teresa Muñoz Arámburu, Director of Central Banking Provisions, Central Bank of Mexico

The speaker of the Bank of Mexico, María Teresa Muñoz highlighted that the current crisis caused by the COVID-19 Pandemic has had an impact on various sectors in Mexico, in the world and on the Bank of Mexico which has had to react quickly to take measures to counteract the effects of the pandemic on the financial sector. For example, it implemented various measures aimed at providing liquidity in both domestic and foreign currency to the domestic market.

She commented that, although the legal framework governing the Bank of Mexico has not been modified recently, the measures issued to counteract the negative effects of the crisis on the national economy were implemented through various legal provisions aimed at credit institutions in order to relax the conditions of granting credit by the central bank to these intermediaries so that they can, in turn, reflect those conditions with their customers.
She pointed out that during the crisis, cooperation and coordination between the various financial authorities of Mexico have been strengthened, without there having been undue interference in the powers of the central bank. Ties with foreign financial authorities were also strengthened in order to achieve the extension of various mechanisms to support the provision of liquidity in United States dollars in the domestic market.

With regard to transparency, she commented that the obligations of the BM (in its law and the transparency law) have been fully fulfilled. He also pointed out that communication in general with the citizenry is being improved so that the role of the central bank in society is better understood.

Edgar Arias Freer, Central Bank of Costa Rica

He presented the organizational structure of the BCCR, noting that the highest authority is the Governing Board. He commented that 90% of staff have been on permanent telework since the beginning of the pandemic and that Costa Rica has a "Law to regulate teleworking." He also highlighted that there is a laptop assignment policy – equipment replacement policy, security for connections (VPN, Extended Detection and Response (XDR), electronic document manager, telepresence and collaboration tools, and stricter physical access protocols to the building.
With regard to communication, he mentioned virtual press conferences, the use of social networks, presentation of the macroeconomic program through a mechanism of dissemination and citizen participation, attention to the citizen through electronic means, robot and online "Chat", telepresence and virtual rooms.

Paul Wood, Deputy Associate Director Program Direction Section International Finance, Federal Reserve Board

Paul Wood of the FED commented that the COVID-19 pandemic did not significantly change the governance of the Fed. He noted that the Fed's COVID-19 emergency lending facilities were supported by appropriated funds by Congress and required approval from the U.S. Treasury and enhanced reporting was required. With regard to the new monetary policy framework (published in August 2020), he said it emerged from a pre-pandemic review. For its part, Fed Listens events encouraged two-way communication with the public. The new framework increased the transparency of forward-looking policy guidance.

He said the FED began a review of its Fed strategy, tools and communications in November 2018 and completed them largely before the pandemic. New policy instruments and communication practices used since the global financial crisis were discussed. All this in order to ensure that the conduct of monetary policy remains adequate to achieve the dual mandate objectives of maximum employment and price stability in the light of economic developments. In addition, the review was aimed at promoting transparency, accountability and public understanding and trust.

Analysis of the geopolitical situation in Latin America after a year of pandemic
Carlos Malamud, Principal Investigator of the Royal Elcano Institute, Professor of American History at the UNED

In the third session, Carlos Malamud, Principal Investigator at the Royal Elcano Institute and Professor of American History at the National University of Distance Education, spoke about the current geopolitical situation in Latin America after a year of pandemic.

He commented that there are three words that summarize the situation in Latin America: uncertainty, fragmentation and heterogeneity. Uncertainty because it is unknown how the crisis resulting from the pandemic will unfold. Fragmentation due to the differentiated response of countries to various political situations such as that of Nicaragua. And heterogeneity because the situation is dissimilar in the various countries of Latin America such as Ecuador and Peru. He mentioned two disturbing factors, the desire of young people to emigrate from countries such as Brazil, (according to a recent survey 50% of young Brazilians wanted to leave the country). The second factor is the question being asked by investors and political analysts as to whether Peru will be a new Venezuela.

He commented that a perfect storm has been hanging over the Latin American continent since before the pandemic. This storm is composed of the end of the super cycle of commodities, which has reduced the inflow of funds to governments and with it the possibility of financing public policies, granting subsidies, etc. This, coupled with the zero economic growth of recent years are two factors that have led to growing social protests. In addition, Latin America has been one of the regions of the world most affected by the pandemic. All these factors contribute to the fact that there are no good omens for the region in the short term.

Digital transformation and technological revolution. How economic activity and the financial system are changing in recent years
Carlos Barrabés, President of the Barrabés Group, Entrepreneur and entrepreneur on strategic consulting, innovation, startups and digital framework

The fourth session on the digital transformation and technological revolution and how economic activity and the financial system are changing in recent years was led by Mr. Carlos Barrabés. President of the Barrabés Group.

He commented that the promises of the past have mostly been fulfilled, such as mechanization, robotization, automation. He noted that automation was a horizontal process, covering all sectors. He explained that we are aware of what the global challenges are, but not of the solutions. He believes that we are increasingly hyper specialists who seek to explain the world from a small place, from a small perspective. Digitalization allows the automation of all processes; he gave as an example the way we take a taxi today.

He pointed out that visions of a global future are required, but that one-man solutions currently prevail. New ways of life are taking over such as those that handle digital assets. This creates intense and enormous imbalances. Now the world is governed by metrics, seeking efficiency as the fundamental goal of the planet. It considers that efficiency alone is not enough, that prioritizing efficiency increases fragility. He points out that a single mask factory in China may be the solution for efficiency, but it makes us fragile and dependent.

He commented that Germany strengthened itself as a great power by owning a large number of value chains. With these value chains, efficiency is sought and leads to concentration. It can be said that already in 2017, globalization was built around value chains, and that this concentration makes us weaker. He believes that more horizontal complexity is needed. At the end of the day, when there's a problem like the pandemic, it's the country that gives the vaccine, so you need to think beyond efficiency.

He believes that the world will remain global, despite geostrategic problems such as disputes with China. The data is global and it is the most important thing, to communicate with the world it has to be through interconnected networks. The ethics of networks are fundamental. An equitable and compassionate shared world needs to be created.

The evolution of the public sector over time. Lessons for society and for public entities
Antonio Bustos, University Professor, Faculty of Law. Complutense University of Madrid, Jurist, economist and historian

The fifth session was in charge of Antonio Bustos Gisbert, Professor of Political Economy and Public Finance, Complutense University of Madrid. His presentation included a historical view of the impact of tax collection on the population. He stressed that throughout history there have been many fiscal revolts, that is, uprisings caused by attempts by the rulers to raise taxes. Antonio Bustos highlighted the following points as conclusions of his presentation:

Changes in economic and social conditions or in common values require changes in the public sector model. Such changes can be done in a reformist way or through revolutionary transformations.

In any process of change, the dissemination of ideas or forms of economic activity plays an essential role.

The welfare state model has been an accepted cultural reference in Western Europe since the end of the Second World War 1939-1945, but it was not the only one. As a theoretical construction it was based on Keynesian economic theory, as a political program in the extension of the right to vote, as a political ideology in reformism of multiple origins (conservative, liberal, or social democratic).

Its implementation takes place within the framework of a Europe destroyed by the Second World War and in which an alternative model operates (the socialism of the USSR) that exerts an undoubted attraction in both the intellectual and working-class spheres. Its roadway depends on sustained growth to raise revenue to pay for costly spending programs.

Economic doctrines have changed profoundly, particularly since the crisis of the seventies. There is a rethink about the capacity of public managers. The ability to generate public revenue is increasingly compromised by the free movement of capital. At the same time, pressures on public spending are increasing. The doctrine represented by the USSR disappears from 1989, the models of real socialism lose support until 2009.

The 2007 crisis has uncovered inconsistencies in the international economic system, lacking compensating mechanisms on the same scale as its markets. These shortcomings seem most pronounced in the case of the EU, which is facing major challenges. This is in the context of the citizens' growing impatience with the traditional parties, with the consequent rise of populism.
The crisis caused by the COVID-19 pandemic has revealed in all its starkness the weaknesses of globalization. At the same time, he pointed out the capacity of our civil society (doctors, researchers, etc.) to respond quickly. This suggests that, despite the magnitude of the challenges, societies are capable of reacting.


Round Table: Experiences of Central Banks in the Conduct of Monetary Policy in the face of the Pandemic
Moderator of the session: Mr. Jaime Herrero, Deputy Secretary General. Deputy Director General of the Banco de España

To close the event, a Roundtable was held with representatives of different central banks.

  • - Sharon Kozicki, asesora del gobernador del Bank of Canada
  • - Jorge Christy, Secretary-General, Banco Central del Uruguay, 
  • - Aloisio Tupinamba Gomes Neto, Chief Audit Officer, Banco Central do Brasil.
  • - Enrico Bezerra Ximenes, de Vasconcelos, Consultant to the Board of Directors
      and Head of the Financial Stability Committee, Banco Central do Brasil
  • - Odalis Marte. Executive Undersecretary of SECMCA


Sharon Kozicki, Advisor to the Governor of the Bank of Canada

Sharon Kozicki spoke about the Bank of Canada's experiences in conducting monetary policy in the face of the COVID pandemic. She commented that the Bank of Canada act states that it must promote Canada’s economic and financial well-being, that the Governor has the authority to act, and that, in practice, monetary policy decisions are made by consensus in the bank's board of directors.

She noted that the pressure to change the governance of monetary policy arises every 5 years as part of the regular review of agreements around the inflation target. With the uneven impact of the COVID pandemic on the population, the option of establishing a dual mandate for the central bank has received additional attention.

With regard to the independence and autonomy of the Bank of Canada, she noted that the use of quantitative easing (QE) during the COVID pandemic has increased attention to the implications for consolidated financial reporting (federal government and Bank of Canada). The Federal Government awarded compensation for losses in the purchase of assets.

She noted with respect to transparency and accountability during the COVID pandemic, that the Bank kept market participants informed of its actions and ensured that its policies and decisions were well understood by both the media and the general public. Speeches, lectures and educational activities, including the Bank of Canada Museum, were adapted to a virtual format. The Bank deepened and expanded its relationships with a variety of actors from the public sector, the private sector, and civil society.

She said pre-existing management structures have not changed as a result of COVID and there has been no structural reorganization. She noted that the Bank will work in a hybrid way in the future, having demonstrated during the COVID experience the viability of remote work, even for critical market operations.

Jorge Christy, Secretary-General, Central Bank of Uruguay .

He commented on the strategic reflection that the Central Bank of Uruguay (BCU) does every five years, and the laws that govern the autonomy of the BCU. He pointed out that by law the BCU is an autonomous entity with its own decision-making power and not subject to the executive branch. He stressed that the executive branch appoints the directors with the approval of the Senate and also approves the budget of the BCU, and in some decisions the parliament and the general assembly can intervene in case of observations.

In 1995, the BCU's charter enshrined the purposes of the BCU. Firstly, price stability in order to contribute to the objectives of growth and employment, secondly, the supervision of the financial system and the payment system to promote their soundness, efficiency and development.

He noted that in March 2020, the BCU's new president and board of directors were appointed, which coincided with the beginning of the pandemic. He noted that the pandemic crisis had no effect on the BCU's role. At the beginning of the pandemic, remote work (teleworking) was implemented with 80 percent of the staff. Currently, only 15% of staff work in person and the rest remotely.

In April 2020, monetary policy measures began to be taken to increase the liquidity of the system. For example, reserve requirements were temporarily reduced, credit stimuli were given, and credit conditions were relaxed. All these measures were made public on the BCU website. He stressed that, in general, various measures had been taken to increase transparency and accountability. The frequency of monetary policy committee meetings has been increased, minutes of meetings have been published, inflation expectations surveys have been relaunched and a newsletter for entrepreneurs on inflation and inflation expectations has been published.

Aloisio Tupinamba Gomes Neto, Chief audit officer, Banco Central do Brasil.

Aloisio Tupinamba spoke about the various measures implemented by the Banco Central do Brasil (BCB) to increase transparency and strengthen accountability. He pointed out that this process began in the late eighties. He noted that in the late nineties, the BCB adopted the inflation targeting scheme. In the last 20 years there has been a great evolution of transparency practices as it considers that the transparency and autonomy of BCB feedback.

In the last year, the BCB reinforced the transparency policy by launching a dynamic feedback, expanding the information and data that are available on its website, making transparent the contracts that the BCB concludes. With regard to governance, the decision-making process of the board of directors was made transparent, and the agenda of the BCB authorities was announced. On the other hand, a window was opened for complaints, financial education programs were launched and communication through social networks was strengthened. The reasoning and justification about all the regulations that are implemented is published. Survey about BCB transparency.

Enrico Bezerra Ximenes de Vasconcelos, Consultant to the Board of Directors and Head of the Financial Stability Committee, Banco Central do Brasil

Enrico Bezerra Ximenes, explained the experience of the Banco Central do Brasil (BCB) with the pandemic. He commented that the pandemic produced a great deal of uncertainty that was reflected in the financial markets as it was not known what the severity and duration of the pandemic would be. The BCB knew that in this situation individuals and companies would seek liquidity and that their risk aversion would increase. Therefore, the BCB immediately took steps to increase the liquidity of the system. For example, reserve requirements were relaxed, credit lines were expanded, and Congress authorized the BCB to buy bonds on the secondary market. Programs were also created to support small and medium-sized enterprises with collateral for borrowing.

He stressed that in the experience of BCB it was very important to detect what was the essence of the problems. To do this, it was necessary to analyze in depth all the data available for the BCB. Agreements were reached with other regulatory entities in the financial sector to share data for the analysis of the crisis. For example, data on withdrawals from investment funds were obtained with an agreement with the Brazilian securities commission. This resulted in actions being taken on a broad information base.

He pointed out that in this type of situation it is important to have a very well-established exit strategy. This is in order for individuals and companies to recognize the emergency nature and temporality of the measures.

Odalis Mars. Executive Undersecretary of SECMCA.
Comments on Central Bank
Governance and Post-Pandemic Challenges

Odalis Marte commented that the main function of Central American central banks is to facilitate a certain balance between the supply and demand of money to achieve low and stable inflation. He stressed that central bankers are public servants, that the records of the central banks must maintain a focus on common good, autonomy (political), transparency and accountability. He noted that central banks have been able to adapt to changing conditions and have adapted their institutional governance structures to facilitate the fulfilment of their price stability mandate. They have achieved credibility in monetary policy, improved their decision-making mechanism, their connection to the market, provided timely information and transparency.

To soften the effects of the pandemic, central banks have taken different types of measures: lowering interest rates, liquidity facilities, prudential easing, consumer protection measures for banking products, among others.

The seminar was closed by Francisco Javier Priego, Secretary General of the BdE.


June 21

Opening of the meeting / Welcome remarks

Javier Priego, General Secretariat of Banco de España
Roberto Marino, Adviser to the Directorate General of the Center for Latin American Monetary Studies (CEMLA)
Jaime Herrero, Deputy Secretary General. Deputy Director General of the Banco de España

Presentation of the objectives of the meeting
Jaime Herrero, Deputy Secretary General. Deputy Director General of the Banco de España

How have some effects arising from the Covid-19 pandemic impacted the different frameworks of action of central banks regarding, in particular, their independence, governance, functions, and transparency.

Round table
Session Moderator: Roberto Marino, Adviser to the Directorate-General of the Center for Latin American Monetary Studies (CEMLA)

Experiences of different central banks on the consequences that result from Covid-19 on different aspects of central bank action, such as: independence and autonomy; transparency and accountability; relationships with society; functioning of its management bodies; functions and organization; digital transformation; strategic planning.

Panelists: various representatives of central banks

Fabrizio Orrego, Head Department of Monetary Policy of the Banco Central de Reserva de Perú
María Teresa Muñoz Arámburu, Directorate of Central Banking Provisions of the Banco de México
Edgar Arias Freer, Director of the Management and Development Division of the Banco Central de Costa Rica
Paul Wood, Associate Director of the International Finance Section of the FED


June 22

Conference by external expert
Analysis of the geopolitical situation in Latin America after a year of pandemic
Carlos Malamud, Principal Research Fellow of the Royal Elcano Institute. UNED Professor of American History

Conference by external expert
Digital Transformation and Technological Revolution: How are economic activity and the financial system changing in recent years?
Carlos Barrabés, President of the Barrab s Group. Entrepreneur and entrepreneur on strategic consulting, innovation, startups and digital framework


June 23

Conference by external expert
Public sector developments over time. Lessons for society and public entities
Antonio Bustos, Jurist, Economist and Historian. University Professor. Law School, Universidad Complutense de Madrid

Round table on assessments and conclusions of the meeting
Moderator of the session: Mr. Jaime Herrero Deputy Secretary General. Deputy Director General of Banco de Espa a

To finalize the meeting, a round table will be held with representatives of different central banks, in order to assess the presentations made and reach the relevant conclusions.

Jaime Herrero, Deputy Secretary General, Deputy Director General of Banco de España
Sharon Kozicki, Advisor to the Governor of the Central Bank of Canada
Jorge Christy, Secretary General of the Banco Central del Uruguay
Aloisio Tupinamba Gomes Neto, Ombudsman of the Banco Central do Brasil
Enrico Bezerra Ximenes de Vasconcelos, Directory Consultant & Financial Stability Committee Chief of the Banco Central do Brasil
Odalis Marte, Executive Deputy Secretary of SECMCA

Closing Remarks
Representative of Banco de España and Representative of CEMLA



Javier Priego
Banco de España

Secretary General of the Banco de España since 2011. Law degree from the Universidad Autónoma University of Madrid. Commercial Law Specialist.
He began his career at the Banco de España in 1985 as a legal advisor. Since 2011 he has been the Secretary General of the Banco de España. Titular member and secretary of the Management Commission of the Deposit Guarantee Fund of Credit Institutions, titular member of the Governing Commission of the FROB, Member of the National Commission for the Prevention of Money Laundering and Monetary Offenses and of its Permanent Committee and Secretary of the Board of Trustees of the Foundation of the Center for Monetary and Financial Studies (CEMFI). Prior to his appointment as Secretary General, he was Director of the Banco de España Legal Department, alternate member of the management committees of the Deposit Guarantee Funds of banks, savings banks and cooperatives and Deputy Head of the Legal Service of the Banco de España, in charge of the Sub-Headquarters Advisory on Credit Institutions. He has also held relevant positions as Chairman of the Group of National Experts of the Council on the proposed Directive on financial guarantee agreements and Member of the Legal Committee of the European System of Central Banks.

Jaime Herrero
Banco de España

Deputy General Secretary and Associate Director General of the Banco de España, and Deputy Secretary to the Governing Council and the Executive Commission. He holds a degree in Law from Universidad de Salamanca. Short-cycle graduate in Public and Budget Accounting. Lawyer and Auditor. IESE Senior Management Programme. He joined the Banco de España as Legal Counsel, after which he held different positions, including Deputy Director of the Legal Service and Director of the Technical Secretariat. He is an expert in different central bank and financial supervisory areas and is or has been responsible for such areas in the Banco de España. These include governance of public institutions and functioning of their governing bodies; transparency and access to information; internal compliance and compliance with ethical codes; documentary policy and e-administration; and corporate social responsibility. In the financial and banking area, he has been responsible for financial institutions’ authorisation processes and registrations, corporate governance control, bank crisis management and prevention of money laundering.   He is a professor at, inter alia, the Judicial School and the Centre for
Legal Studies of the Ministry of Justice, and is a regular speaker at various renowned.

Roberto Marino

Mr. Marino currently serves as an advisor to the director general of CEMLA In 2011 and 2012, Roberto Marino was The Special Representative for the Presidency of the G20 in Mexico. Its main functions were to promote an open dialogue with non-G20 countries, international and regional organizations, the private sector, non-governmental organizations (NGOs) and other members of civil society. Until mid-2011, Mr. Marino was Manager of International Affairs at the Bank of Mexico. In the early nineties, he was executive director representing Mexico, Spain, Venezuela and Central America on the IMF's executive board. He has been a senior fellow at the German Development Institute, where he conducted research on the IMF's pre-emptive lending facilities. Mr. Marino undertook doctoral studies in Economics at the University of California, Los Angeles (UCLA) and earned his bachelor's degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM).

Fabrizio Ortego
Banco Central de la Reserva del Perú

Head, Department of Monetary Policy at the Central Bank of Peru. B.A. in Economics from Universidad del Pacífico (Perú) and PhD in Economics from Carnegie Mellon University (USA). Economist with 20+ years of experience in macroeconomics and monetary economics, as well as pension funds and social security. Research articles published in referred and non-referred journals.

Mª Teresa Muñoz Arámburo
Banco de México

Teresa Muñoz is a lawyer, graduated from the Escuela Libre de Derecho. She completed her master's degree in International Economic Law at the University of Warwick in the United Kingdom. Her professional career has been developed mainly in the Bank of Mexico. She has been in charge of the international legal area, in which she participated in the negotiation of various chapters of financial and investment services of various international treaties celebrated by Mexico. Subsequently, she was in charge of the Transparency Unit of the Banco de Mexico and is currently in charge of the Directorate of Central Banking Provisions, in which she participates in the implementation of the resolution processes that may be presented in multiple banking institutions. Her academic activities include teaching the course of Legal Regime of International Financial Organizations, in the Escuela Libre de Derecho as well as the course of International Organizations in Trade Matters, in the Master’s in Law, in the same institution.

Edgar Arias Freer
Banco Central de Costa Rica

Graduated in Computer Science from the University of Costa Rica with a master’s degree in Computer Science and Business Administration, with an emphasis on Banking and Finance. He also has an international specialization in Digital Transformation. He is Director of the Management and Development Division of the Central Bank of Costa Rica, which oversees the Institutional Strategic Model, the formulation of operational plans, the Projects Office and the Quality Management System, among others.

Paul Wood
Federal Reserve Board

Paul Wood is Associate Director of the Division of International Finance at the Federal Reserve Board. Mr. Wood oversees the staff’s analysis of foreign economies and U.S. international trade as well as its forecasts of foreign economic activity and inflation. He also contributes regularly to the analysis of monetary policy conduct and communications by foreign central banks. Mr. Wood’s career at the Federal Reserve Board has included work in the areas of advanced foreign economies, emerging market economies, and foreign financial markets. His outside activities have included a visiting position as advisor to the U.S. Executive Director at the International Monetary Fund and a time as adjunct professor of public policy at Georgetown University. He received a bachelor’s degree from Yale University and a Ph.D. in economics from the University of Wisconsin.

Carlos Malamud Real
Instituto Elcano / Universidad Nacional de Educación a Distancia

Carlos Malamud is a senior analyst at the Elcano Royal Institute and a professor of Latin American history at the Universidad Nacional de Educación a Distancia (UNED). He is a member of the National Academy of History of Argentina. In 2015 he was selected by Esglobal as one of the “50 most influential Iberoamerican intellectuals”. He has been a Senior Associate Member (SAM) at Saint Antony’s College, Oxford University (1992/93), and visiting researcher at Universidad de los Andes (Corona Chair, 2003) and at Instituto Di Tella. Between 1996 and 2002 he was the Deputy Director of Instituto Universitario Ortega y Gasset and Director of its Latin American programme. He holds a PhD in Latin American history from Universidad Complutense (Madrid). He began his academic career working on the economic history of the Spanish and Latin American colonial period and then specialised in 19th and 20th century Latin American political history. He has been a professor at Universidad Complutense and San Pablo CEU, both in Madrid. He currently combines his work as a historian with his role as a political and international relations analyst focused on Latin America. Carlos Malamud is one of the most authoritative voices in Latin American political and social analysis and is a17 regular guest at prestigious programmes and seminars on this topic.

Carlos Barrabés
Presidente y Fundador del Grupo Barrabés

He was a pioneer in the development of the internet, creating one of the first e- commerce businesses in the world. Over the last 20 years, he has also been a member of the Advisory Boards of many firms, institutions and initiatives in different economic sectors. Under his leadership, the Barrabés Group encompasses multiple companies in the fields of innovation and entrepreneurship, which collaborate with countless corporations to help them undertake their transformation processes. In this setting, he is currently working on the creation of hubs in areas as diverse as mobility, agriculture, sustainability and sports, with a view to turning these hubs into articulating elements. His passion also extends to social causes, education and the rural world. He is the patron of various foundations and associations of a social and entrepreneurial nature. He has also been director of the Master’s Degree in Strategic Design from Instituto Europeo de Diseño and the MBA from Escuela de Organización Industrial (EOI). In 2010 he was designated Young Global Leader by the World Economic Forum in Davos. In 2019 he received the Medal of the Spanish Parliament. Internet Award for his professional trajectory by the Senate in 2015, the Aragón Award in 2011 and the Award of the Geographical Society in 2008.

Antonio Bustos
Universidad Complutense de Madrid

Antonio Bustos is a professor at Universidad Complutense de Madrid and head of its Department of Applied Economics IV. He holds a PhD and a degree in Law from Universidad de Salamanca. He is a graduate in Business Studies from Universidad de Sevilla and in Geography and History from UNED and has received various awards and distinctions over the course of his academic life. He has taught and still teaches the following subjects at Universidad Complutense de Madrid: Political Economics, Public Finance, Public Sector Economics and Introduction to Economics. He is the author of numerous articles on legal doctrine and publications. Notable among them are his books, including “Introducción a la Economía”, “Curso básico de Hacienda Pública” and “Lecciones de Hacienda Pública”. A reference at the national level in the field of Political Economics and Public Finance, he is known for his humanistic views which, together with his combined background in Law, Economics and History, provides him with a global and open-minded vision of our society and the role that the public sector must play in it.

Sharon Kozicki
Bank of Canada

Sharon Kozicki was appointed Advisor to the Governor in 2013. In that role, she is focused on the Canadian economy and monetary policy. She also serves as Secretary to Governing Council. Before becoming an Advisor, Ms. Kozicki served as Chief of the Bank’s Canadian Economic Analysis Department and Deputy Chief of its International Economic Analysis Department. Before joining the Bank in 2006, she was an economist with the Board of Governors of the Federal Reserve System in Washington, DC, and later Vice President and Economist at the Federal Reserve Bank of Kansas City. Born in Ottawa, Ms. Kozicki obtained a bachelor of science degree and a master’s degree in economics at the University of Toronto and a PhD from the University of California San Diego.

Aloisio Tupinamba Gomes Neto
Banco Central do Brasil

In the Banco Central do Brasil since 1992, Aloísio Tupinambá Gomes was mandated as its Ombudsman in 2015. Before that he was Head of Office of the Regulation Deputy Governor between 2011 and 2015, and also was Senior Advisor to the Governor between 2010 and 2011. He took his BA in Economics and also in Law by the Universidade de Brasília, and is Masters in Economics by the University of Illinois at Urbana Champaign. Currently as Ombudsman, he is responsible for this interlocution channel with society, and also for the compliance of the Freedom of Information Act in the Institution. In this position he has focused in several transparency issues as a way to assure integrity, to reinforce the good governance, and, as a result, to keep the institutional credibility as a way to facilitate the achievement of BC legal missions.

Enrico Bezerra Ximenez
Banco Central do Brasil

Enrico Vasconcelos is the Executive Secretary of the Financial Stability Committee of the Banco Central do Brasil (BCB). Previously, he had coordinated the Office of Economic Advisors to the BCB’s Governor for four years. He had also headed the Macroeconomic Analysis and Economic Modelling divisions at the Secretariat of Economic Policy in the Ministry of Economy for five years. His educational background includes BA in Computer Science at Universidade Federal da Bahia and MA and Doctor’s degree in Economics at Escola de Pós- graduação em Economia of Fundação Getúlio Vargas. His current interests are on financial stability, macroprudential policy, macroeconomic models with financial frictions and the interaction between monetary and prudential policies.

Odalis Marte

Has worked as an economist for more than 25 years, both in the public and private sectors, along with international cooperation organizations. His professional work has included macroeconomic analysis and relevant international context for the Dominican economy, teaching at the university level on economics and other issues related to Latin America, as well as the economic approach to climate change. For six years he worked in business organizations such as the Chamber of Commerce of Santiago, D.R., and the Dominican Development Foundation. For two years he worked in the Executive Secretariat of the Central American Monetary Council in San José, Costa Rica. Currently, he is an Economic Consultant in the Department of Monetary Programming and Economic Studies of the Central Bank of the Dominican Republic and Executive Undersecretary of the Central American Monetary Council. His professional training includes a Bachelor's degree in economics from the Pontificia Universidad Católica Madre y Maestra, a Master's degree in economic policy from the Universidad Católica Santo Domingo and a second Master’s degree in Applied Macroeconomics from the Pontificia Universidad Católica de Chile.