The Central Bank of Uruguay published a recap of the 40th edition of its Annual Economics Days, held from 27 to 29 August 2025 in tribute to former two-time central bank president Ricardo Pascale. The programme brought together researchers, policymakers and specialists to discuss monetary policy and inflation, financial stability and banking risk, climate change and insurance, inequality, governance, price dynamics and market structure, growth, women in economics, and the implications of artificial intelligence and quantum computing for finance. Keynotes included Saki Bigio (University of California, Los Angeles) on how local banks influence exchange rate determination, presenting evidence and a theoretical framework, centred on Peru, that questions the “impossible trinity” in emerging markets and points to bank liquidity and differentiated reserve requirements as tools that can support foreign exchange intervention without compromising inflation objectives in highly dollarised economies. Verónica Amarante (CAF, the Development Bank of Latin America and the Caribbean) reviewed advances and persistent gaps in women’s representation in academia and decision-making and highlighted initiatives to promote gender equity. Manju Puri (Duke University) presented evidence from India’s Unified Payments Interface (UPI) showing how interoperable, low-friction digital payments and alternative data can broaden access to formal credit, with digital transaction growth associated with higher lending volumes without worsening delinquency. A panel with Central Bank of Uruguay president Guillermo Tolosa, former Central Bank of Chile vice president Pablo García Silva and Central Bank of Paraguay president Carlos Carvallo compared inflation-targeting regimes, emphasising institutional strengthening and effective central bank autonomy, and noted Uruguay’s consolidation with inflation aligned to target alongside improved monetary transmission and de-dollarisation; the event closed with a regional discussion moderated by Tolosa featuring Carvallo, Central Bank of Brazil president Gabriel Galípolo and Federico Sturzenegger on economic policy challenges under global uncertainty.
Central Bank of Uruguay 2025-08-29
Central Bank of Uruguay hosts 40th Annual Economics Days highlighting inflation targeting, exchange rate policy and digital finance research
The Central Bank of Uruguay recapped its 40th Annual Economics Days, highlighting discussions on monetary policy, financial stability, climate change, and AI and quantum computing. Keynotes included Saki Bigio on exchange rate determination in dollarised economies, Verónica Amarante on gender equity in academia, and Manju Puri on digital payments in India. A panel of regional central bank leaders discussed inflation-targeting regimes and economic policy challenges amid global uncertainty.