The Central Bank of Uruguay reported that its president, Guillermo Tolosa, took part in the first LatAm Economic Forum hosted by the Bank of Spain, where he chaired a panel on how geopolitical and technological changes are reshaping the relationship between interest rates, exchange rates and inflation. In that discussion, panelists agreed that credible and consistent monetary policy remains a key tool for dealing with external shocks and supporting macroeconomic stability. The forum, held on 8 and 9 May in Roda de Bará in Tarragona under the title Capital Flows, Exchange Rates and Geopolitics, brought together senior central bank officials from Europe and Latin America, multilateral institutions and academics. Tolosa's session included Maurice Obstfeld of the Peterson Institute for International Economics, Şebnem Kalemli-Özcan of Brown University and Silvana Tenreyro of the London School of Economics. The panel examined how growing geopolitical fragmentation, together with tariffs and other economic policy tools, is materially changing macroeconomic dynamics and creating challenges for traditional analytical frameworks.
Central Bank of Uruguay 2026-05-12
Central Bank of Uruguay president chairs Banco de España forum session on geopolitical fragmentation and monetary policy
The Central Bank of Uruguay reported that its president, Guillermo Tolosa, chaired a panel at the first LatAm Economic Forum hosted by the Bank of Spain on how geopolitical and technological changes are reshaping the relationship between interest rates, exchange rates and inflation. Panelists agreed that credible monetary policy remains a key tool for managing external shocks and supporting macroeconomic stability, amid growing geopolitical fragmentation and the use of tariffs and other economic policy tools that are altering macroeconomic dynamics and challenging traditional frameworks.