Daniel Mminele: The global backdrop and monetary policy in emerging markets

Keynote address by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the 2019 BNP Paribas Global Official Institutions Conference, Paris, 19 June 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Ladies and gentlemen, good afternoon.

Thank you to BNP Paribas for allowing me the honour to deliver the opening keynote address at this prestigious gathering of global official institutions.

Also allow me to commend the organisers of this event for their foresight in coming up with diverse and well-balanced topics that have risen to the top of the global agenda.

There is no doubt in my mind that, at the present moment, uncertainty in the global macroeconomic environment, including rising geopolitical uncertainties, elevated trade tensions and rising debt levels, dominate the discussions of most global investors and policymakers.

In my remarks today, I will discuss the implications of these developments for emerging market economies and the possibility of further risk from market volatility, before I conclude by touching on the policy options at our disposal to navigate through these rather turbulent times.