The Central Bank of Uruguay reported that its president, Guillermo Tolosa, participated in two high-level international forums on the challenges and opportunities for monetary policy in a shifting and uncertain global environment, speaking at the Grand Continent Summit in Italy and chairing the main session of the Financial Stability Forum held as part of the XXII RIDGE Forum. At the Grand Continent Summit, Tolosa described a new global regime increasingly favouring security over efficiency, discretion over rules and fragmentation over globalisation, and linked this to emerging-market challenges in international integration, capital attraction and the creation of high-quality formal employment. He pointed to potential opportunities including a possible Mercosur–European Union agreement to expand market access and add predictability, Latin America’s positioning in the green transition through clean-energy-intensive production, and digital technologies to improve the efficiency of cross-border payments and capital movements. The Financial Stability Forum convened regional researchers, authorities and experts to discuss global stability issues; keynote speaker Silvana Tenreyro (London School of Economics, former Bank of England Monetary Policy Committee member) focused on monetary policy effectiveness given the persistent role of the dollar in world trade and rising trade fragmentation, including the global implications of dollar weakness and divergent trends in the value of traded goods.

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