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CXVI Meeting of Governors of Central Banks Members of Center for Latin American Monetary Studies

May 9 and 10, 2024
Madrid, Spain


The CXVI Meeting of Governors of CEMLA Member Central Banks was held in Madrid and focused on a number of issues crucial for economic stability and development, mainly in the Latin American and Caribbean region. Participants included Central Bank Governors and officials from various CEMLA Members.

The meeting started with a keynote session on the evolution of the IMF mandate, chaired by Pablo Hernández de Cos, Governor of the Bank of Spain, with a presentation by Pablo Moreno of the IMF. Santiago Levy of the Brookings Institution spoke on the reforms needed to increase productivity in Latin America, while participants from several central banks spoke on the role of central banking in this topic.  Another prominent topic was the digital euro project, with a presentation by Piero Cipollone of the European Central Bank. The management of risks associated with climate change was also addressed, with Manuel Ramos Francia of CEMLA as keynote speaker. Finally, the process of disinflation and monetary policy easing was explored, with presentations by Rodrigo Valdés of the IMF and other prominent financial leaders. The meeting concluded with an analysis of the current geopolitical context by Mira Milosevich of the Elcano Royal Institute, followed by the CEMLA Assembly and a closing event.

Within the framework of the Governors' meeting, sessions of the Governing Board and the CEMLA Assembly were held.  Key reports on activities and budgets for the year 2023 were presented to the Assembly and the Governing Board, and programmatic and financial aspects were discussed.  The 2023 activity report, the review of the programmatic structure and budgets, as well as the evaluation of CEMLA's financial statements and the 2023 year-end retirement plan were presented. In addition, important policy updates for budget management and procurement were discussed, as well as the description and evaluation of events and technical assistance for 2024.