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Nearly two years after SARS-CoV-2 was declared a global pandemic, the global economic outlook suggests a gradual but uneven recovery. The main drivers of these gaps are access to vaccines and early intervention measures. In addition, the rapid spread of Omicron and the threat of new variants have increased uncertainty about how quickly the pandemic can be overcomed.
Moreover, headline inflation rates have risen rapidly in the United States and some emerging markets. There is considerable uncertainty surrounding the inflation outlook, mainly due to the uncertainty of the pandemic's trajectory and the duration of disruptions to supply chains.
The COVID-19 pandemic has affected Latin American and Caribbean countries the most because of their levels of inequality and informality, particularly among vulnerable populations. These characteristics also put the region at a disadvantage in the face of increasingly frequent and aggressive extreme weather events. Challenges for the future include an economic recovery with an inclusive approach and greater attention to managing social and environmental risks.
Against this background, the 66th edition of the Journal of the Banking Supervisor presents a set of documents that may be helpful to regulators and supervisors. The first section highlights some recently published guidelines and principles by international bodies on outsourcing risks in securities markets, as well as recommendations on sustainability and remuneration. In addition, it includes the Core Principles for the Development of Effective Bank Supervision Capacity Building Programs prepared by an expert working group of ASBA members.
The Economic and Market Outlook section includes some texts on the global economic outlook and for the region. Also, papers discussing possible scenarios regarding unemployment and inequality levels and recommendations on how fiscal policies could contribute to the recovery of the countries in the region.
Finally, the Research and Analysis section shares papers on financial resilience and stability; some considerations on the adoption of technology, mainly artificial intelligence tools in the financial sector; the progress of some central banks in the development and implementation of digital currencies for cross-border use; and socio-environmental risks, among others.
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