Academic literature on the topic 'Department of foreign economic activity'

The aim of the article is to analyze the directions of public management of foreign economic activity in Ukraine and to determine the regional features of the organization of foreign economic activity. The research methodology included the use of general scientific methods (analysis, synthesis, specification, classification) and special (system-structural research, economic analysis). The scientific novelty of the obtained results is to establish the need for public management of foreign economic activity in the context of regional features as an important aspect of foreign economic policy of the region. Conclusions. The article clarifies that it is expedient to consider public administration as an organizing and regulating influence of the state on the social life of people in order to organize, preserve or transform it, based on the power that limits effective social control. It is established that the foreign economic relations of any country should be regulated by the state and regulated by the public. It is determined that some regions have certain features of development and specialization, and therefore have different export potential, and the state of foreign economic activity of the region depends on its implementation. The main goals of regional foreign economic activity are: support and development of existing forms and directions of foreign economic policy; development of new forms of foreign economic activity; formation and development of foreign economic infrastructure; attracting both national and foreign investments; development of export potential of regions; increasing the competitiveness of regions as a necessary prerequisite for their international integration. Keywords: export, imports, public administration, foreign economic activity, foreign economic policy, region.

The purpose of the article is to develop practical recommendations for substantiating the sequence of management of foreign economic activity on the basis of the model of accounting policy of export-import operations. It is proposed to define the accounting policy as a set of principles, rules, methods of methods and procedures, the choice of accounting alternatives that ensure the formation and presentation of financial statements and improve the efficiency of export-import operations of trade enterprises. In the order on the accounting policy in terms of coverage of accounting issues of export-import transactions, it is proposed to allocate such sections as general provisions, methods, techniques and organization of accounting. It is proposed to take into account the requirements of the BEPS action plan in Ukraine in the model of accounting policy of foreign economic activity of trade enterprises and to identify objects of accounting policy that will allow choosing an alternative pricing method taking into account the jurisdiction in which the foreign economic activity participant is registered. The organizational sequence of management of foreign economic activity on the basis of the model of accounting policy of export-import operations is developed. It is proved that the choice of an alternative method of pricing taking into account the jurisdiction in which the participant in foreign economic activity is registered or carries out its activities, is a key stage in the management of foreign economic activity of trade. The conditions under which one or another method of transfer pricing is chosen and the peculiarities of application of each of the methods are analyzed. The main characteristics of the method of comparative uncontrolled price, “cost plus”, resale price, net profit and profit distribution are given. It is proposed to create a separate internal regulation “Transfer Pricing Policy” as an Annex to the Order on Accounting Policy. The document proposes to separate the sections: regulations for the exchange of information between members of a group of companies involved in foreign trade operations; product description and competition analysis; availability of certificates of conformity; essential terms of contracts, features of pricing and loyalty programs; tax and customs regimes; characteristics of the counterparty (identification of connection, residence, tax status); conditions for recognizing and monitoring transactions as controlled; choice of transfer pricing method; selection of elements of reporting on controlled transactions.

The establishment of the School of Economic Science at MGIMO was due to the necessity of the world economy research, and the need to prepare highly skilled specialists in international economics. The school is developing a number of areas, which reflect the Faculty structure. - Economic theory is one of the most important research areas, a kind of foundation of the School of Economic Science at MGIMO. Economic theory studies are carried out at the chair of Economic theory. "The course of economic theory" textbook was published in 1991, and later it was reprinted seven times. Over the past few years other textbooks and manuals have been published, including "Economics for Managers" by Professor S.N. Ivashkovskaya, which survived through five editions; "International Economics" - four editions and "History of Economic Thought" - three editions. - International Economic Relations are carried out by the Department of International Economic Relations and Foreign Economic Activity. Its establishment is associated with the prominent economist N.N. Lyubimov. In 1957 he with his colleagues published the first textbook on the subject which went through multiple republications. The editorial team of the textbook subsequently formed the pride of Soviet economic science - S.M. Menshikov, E.P. Pletnev, V.D. Schetinin. Since 2007, the chair of Foreign Economic Activities led by Doctor of Economics, Professor I. Platonova has been investigating the problems of improving the architecture of foreign economic network and the international competitiveness of Russia; - The history of the study of problems of the world economy at MGIMO begins in 1958 at the chair baring the same name. Since 1998, the department has been headed by Professor A. Bulatov; - The study of international monetary relations is based on the chair of International Finance, and is focused on addressing the fundamental scientific and practical problems; - The chair "Banks, monetary circulation and credit" was created in February 2012. It is head by Professor G.S. Panova. The members of the chair are experienced bank employees; - The field of practical application of research results in the field of accounting, statistics and auditing has been expanding in recent years. The research in the field is conducted at the synonymous chair; - An important direction of development of economic studies at MGIMO is a risk management and insurance. Established in 1993, the Department of Risk Management and Insurance is headed by Professor R.T. Yuldashev.

At the present stage of market relations, competition plays an extremely important role not only as a major factor in the development of individual enterprises, but also entire countries. The rapid processes of globalization make it possible to expand markets, but not every company can compete with other firms in foreign markets. The article examines the concepts of “competition” and “competitiveness of the enterprise” in foreign markets. Since today in the modern world competition is the driving force of any economy, without it the existence and development of the economy in general is impossible. The success of any business depends on the ability to compete in the market of goods or services. In the period of globalization and integration in the international space, the formation of a rational sequence of planning such activities is becoming increasingly important for enterprises engaged in foreign economic activity. This type of management activity contributes to obtaining additional profits through the use of the benefits of international labor and international integration, as well as identifying prospects and possible options for the development of foreign economic activity of organizations. That is why the technology of foreign economic activity planning is becoming especially relevant today. The article considers the factors influencing the planning of foreign economic activity of the enterprise, investigates the theoretical foundations of planning, suggests ways to improve the planning of foreign economic activity of the enterprise to increase competitiveness. The company’s success in the domestic or global market is its competitiveness, and as a result there is stability in the market. Competitiveness is the ability of an enterprise to conduct a fair competition in the chosen market, using all its resources productively, and as a result to make a profit. If the company occupies a leading position in the competitive market, then its product is in demand from consumers and has some advantages over the products of competitors. Managing the competitiveness of the enterprise is partly a function of general management, the purpose of which is to ensure the viability and sustainable operation of the enterprise in the event of any changes in the external environment. International competitiveness is the achievement by an enterprise of competitive advantages in competition on the international market. The study of competitiveness revealed its factors that influence the planning of imports. Internal factors depend on the nature of the enterprise, while external – on the state of the environment. Thus, successful foreign economic activity is determined by the optimal organizational structure of the department of foreign economic activity, coordination of all departments and specialists who provide export-import operations of the enterprise.

Governance and regulation at the national and international level, the management system of the leading companies in the world, forms and methods of management, and marketing, commercial and advertising work form a relatively new subject field in domestic science. These issues have been introduced into the educational process in Russian universities in the second half of the 1980s. At the MGIMO these research areas have been developed for more than 60 years. Scientific School of the Department of Management and Marketing and the Department of Management Foreign Economic Activity is oriented at the international level and focuses on the development of organizational forms and methods of management, marketing strategy, marketing, and commerce in the context of foreign trade and international activities of domestic firms and organizations on the basis of a comprehensive study of advanced management experience of leading foreign countries. In the early stages of its existence, the school was focused on methodological and practical aspects of international commerce and advertising. But gradually its research encompassed the field of management and marketing, and the scientific school in the field of international management and marketing was established on the basis of examination of relevant theories and experiences of leading foreign countries, and especially multinational companies. Originally these studies were conducted by the Department International Economic Relations of the Faculty of International Economic Relations at MGIMO. The disciplines included studies of the foreign trade operations in global markets, management of foreign economic activities in foreign countries, world commodity markets, and others. The textbook "Organization and technology of foreign trade in the capitalist market" by I.N. Gerchikova, Honored Scientist of the Russian Federation, Doctor of Economic Science, Professor, published in 1977 already contained sections on management and marketing, including the organizational structure of firms and their international marketing work, international advertising, etc. PhD. Professor F.G. Piskoppel, Ph.D. Professor S.P. Nikitin systematically analyzed forms and methods of market research, which are an integral part of the marketing activities of companies in global markets.

Received 03.07.2020. This article represents a stage in a comprehensive interdisciplinary study of foreign policy institutions and personalities of the People’s Republic of China since the late 1990s. to November 2019. During this period there was a rapid growth in the economic, technological and cultural development of the country, which both allowed and demanded a greater foreign policy activity of China, which until then was focused on internal, maximum, regional problems. At the same time, people and institutions, that shaped and implemented this new foreign policy also developed and changed. The periods between the congresses of the Chinese Communist Party with the corresponding renewal of political leadership and foreign policy priorities correlate with the prevalence of human resources with certain biographical criteria (place of birth, higher education and practical work) in the Foreign Ministry and the International Department of the CPC Central Committee, those who were born in the East of the country, studied and worked in Europe, and not in the United States and Russia, as one might suppose on the basis of the discourse, for many decades concentrated on the military confrontation between the main nuclear powers. This article examines the biographies of key employees of the CPC International department in connection with the formation of foreign policy in the context of the overall development of China. Based on the results of the study, it can be concluded, firstly, about the strengthening of the technocratic approach to foreign policy specialists, which takes into account, first of all, their expert qualities, even in such a party structure as the CPC Central Committee International department, instead of the ideological approach that dominated in the past. Secondly, personnel dynamics are influenced by the specifics of the work of the International Department, which is currently aimed at maximizing the implementation of opportunities for cooperation, primarily of an economic nature, in the Eurasian direction, while the Foreign Ministry has the main current task of confronting the United States and regional rivals. Third, the revealed correlation and long-term effects of such a personnel policy can also stimulate Russian activity in terms of training the next generations of foreign policy human resources on the Chinese direction.

The article analyzes the impact of the COVID-19 coronavirus pandemic crisis on the foreign policy and diplomacy of states, including economic diplomacy. ED is interpreted as a multi-sided multi-faceted activity, an integral part of foreign policy aimed at protecting the national interests and economic security of the country. Given the interdepartmental nature of the ED, the presence of numerous actors and agents, not only state, but also public and business structures, political and foreign economic coordination on the part of the Foreign Ministries is of great importance, and this role of foreign policy departments is increasing during the pandemic crisis. The activity of the ED of Russia in 2020 was generally successful, among the main results: active participation of diplomats in the anti-epidemic work of the Government of the Russian Federation, including export flights, provision of emergency assistance by compatriots abroad, assistance to foreign countries; measures to promote the Russian vaccine in the world, establish its production abroad, and thus win new world markets for medicines; settlement of the pricing crisis on the world oil market with the leading role of Russia and Saudi Arabia; adjustment of double taxation agreements with a number of foreign countries, taking into account the domestic economic needs of the country; the growing experience of BRICS, this interstate association, which did not know the crisis, including its fight against epidemiological diseases, during the period of Russia’s presidency in the BRICS; further steps to deepen integration within the EAEU; Russia’s success in the eastern direction of foreign policy, in the development of trade exchanges and epidemiological cooperation with the ASEAN and APEC states. The new world crisis has become a catalyst for the convergence of ED methods with scientific and public diplomacy, with other diplomatic cultures that can be combined under the general name of civil diplomacy. Such a separation is required to protect the legacy of professional diplomacy, the popularity and use of which methods is growing significantly. ED, as an integral part of official diplomacy, is presented as a mediator between classical and civil diplomacy. It provides civil society with an example of the more rigorous, pragmatic, resultsoriented work that the current pandemic crisis requires.

With the adoption of the Strategy for the Development of the Customs Service of the Russian Federation until 2030, one of the priorities for customs authorities has become the introduction of new approaches to the organization and conduct of customs control after the release of goods.The purpose of the research paper is to identify problematic aspects of the implementation of customs inspection technology and to substantiate innovative approaches to their implementation. The research methodology is based on the use of methods of analysis, synthesis, generalization, comparison and description, which allowed a comprehensive study of the object.The paper proposes a new approach, which provides for the centralization and concentration of control functions of customs control after the release of goods in authorized departments. This approach will improve not only the efficiency of the customs authorities for the implementation of supervisory functions after the release of goods but also the quality of customs administration in terms of creating a unified network of electronic customs offices, ensure the achievement of balance in the application of customs procedures facilitating and monitoring the implementation of foreign economic activity.The authors define the main directions for improving the technology of customs inspections to ensure the implementation of the new approach. The formed recommendations based on the results of the study can be used in the practical activities of the customs authorities of the Russian Federation.

The aim of the study. The purpose of the article is to improve the methodological provisions for the development of medium-term forecast of exports of raw materials for the manufacture of glue and finished products based on the trend of exports of domestic enterprises, which will help solve problems of adapting statistical analysis methods to real economic activities. Methodology. In the study of the state and trends of foreign trade of Ukraine in raw materials for the manufacture of glue and finished products with all countries used tabular-graphical method and systematic analysis; when developing a medium-term forecast - the method of extrapolation. Results. The application of statistical methods allowed to identify patterns and trends in foreign economic activity (FEA), and to determine the optimal directions for entry into the foreign market Bristol Eco Group Ltd. technological renewal of production, expanding relationships with customers and suppliers, finding new customers, increasing traditional products , and active renewal of their range, expansion of markets through penetration into the markets of the Republic of Moldova, Belarus, Uzbekistan and Azerbaijan. The following directions of development of Bristol Eco Group LLC were identified: according to the optimistic scenario: formation of the strategy of market expansion - penetration into the markets of the Republic of Moldova and Belarus; optimization of the product "portfolio" of the enterprise; development of an effective competitive strategy (diversification); sales promotion (promotion of goods based on the ratio of "price / quality"); according to the pessimistic scenario: either complete reorganization and reorganization of the enterprise, or its sale to the main competitor. Prospects for further research. It is determined that for the effective functioning of the company LLC "Bristol Eco Group", it is advisable to create a department of foreign economic activity, which will contribute to the deepening of trade relations with foreign partners and will provide an opportunity to improve its export potential.

Магістерська дисертація Юденко Аліни Віталіївни на тему: «Організаційне забезпечення міжнародної діяльності підприємства виконана з метою підвищення стабільності його діяльності, 073 напрям підготовки «Менеджмент міжнародного бізнесу», Національний технічний університет України «КПІ ім. Ігоря Сікорського», 2019, Київ. Дипломна робота складається зі вступу, 3 розділів, загальних висновків, додатків. Робота виконана в обсязі 128 сторінок, містить 34 рисунків, 24 таблиць та 11 додатків. Метою дипломнї роботи є обґрунтування організаційного забезпечення міжнародної діяльності підприємства ТОВ «Агротехсоюз» з метою підвищення стабільності його діяльності. Об’єктом дослідження є процеси планування, організації, координації, контролю формування і реалізації управління міжнародної діяльності на підприємстві. Предметом дослідження є сукупність теоретичних, методичних і практичних підходів до розробки та реалізації ефективного управління міжнародної діяльності на ТОВ «Агротехсоюз». Для проведення дослідження, напрямів вдосконалення та обґрунтування шляхів удосконалення управління міжнародною діяльністю ТОВ «Агротехсоюз» в роботі використані діалектичний, статистичний методи, метод графічного та логічного аналізу, розрахунково–аналітичний, порівняльний, економіко– математичного моделювання та прогнозування, методи сучасних комп’ютерних технологій обробки економічної інформації, зокрема, пакет прикладних програм Microsoft Excel, Statistica. Розроблені в магістерській дисертації на здобуття ступеня магістра рекомендації та пропозиції щодо забезпечення розвитку міжнародної діяльності підприємства були представлені на розгляд ради директорів ТОВ «Агротехсоюз», де було визнано можливість практичного застосування в майбутньому окремих заходів та пропозицій щодо вдосконалення процесу управління міжнародною діяльністю ТОВ «Агротехсоюз» шляхом створення відділу ЗЕД на підприємстві; створення власного митного ліцензійного складу та долучення до програми фінансування «Coface» .
Master's Thesis of Yudenko Alina Vitaliivna on the theme: "Organizational support of the international activity of the enterprise is made in order to increase the stability of its activity, 073 direction of preparation" Management of International Business ", National Technical University of Ukraine" KPI them. Igor Sikorsky ”, 2019, Kyiv. The thesis consists of introduction, 3 sections, general conclusions, applications. The work is done in a volume of 128 pages, contains 34 figures, 24 tables and 11 applications. The purpose of the diploma thesis is to substantiate the organizational support of the international activity of the enterprise of Agrotechsoyuz LLC in order to increase the stability of its activity. The object of study is the processes of planning, organizing, coordinating, controlling the formation and implementation of management of international activity in the enterprise. The subject of the research is a set of theoretical, methodical and practical approaches to the development and implementation of effective management of international activities at Agrotechsoyuz LLC. Dialectical, statistical methods, method of graphical and logical analysis, calculation and analytical, comparative, economic and mathematical modeling were used in the research, directions of improvement and substantiation of ways of improvement of management of international activity of Agrotechsoyuz LLC. economic information processing, in particular, Microsoft Excel application software, Statistica. The paper proposes to improve the process of managing the international activities of Agrotechsoyuz LLC by establishing a foreign economic activity department at the enterprise; creation of its own customs license warehouse and joining the Hermes financing program.

У роботі досліджено теоретичні та методологічні засади та розробка практичних рекомендацій щодо вдосконалення системи зовнішньоекономічної діяльності підприємства. Цілі та основні принципи зовнішньоекономічної діяльності підприємства.
The theoretical and methodological principles and develop practical recommendations for improving the system of foreign economic activity of the enterprise. The objectives and basic principles of foreign economic activity of the enterprise.

Коваленко Ю. Надірян К. Сучасні проблеми управління зовнішньоекономічною діяльністю // Сучасні проблеми менеджменту: матеріали XVII Міжнародної науково-практичної конференції. – Національний авіаційний університет. – Київ, 2021. - С. 23-24
From the theoretical perspective it is important to mention that, first of all, the scientific nature of the foreign economic activity means the development of this activity in accordance with objective economic laws. Practically according to this principle, management of international business transactions involves the organization of demand and supply of its products abroad, the price level, and the ratio to costs in the exporting country. One of the main problems of management of foreign economic activity is miscalculations - the knowledge of managers of enterprises of existing theories of international trade helps them to avoid a significant part of miscalculations, and additionally, it helps reasonably predict changes in international markets. We can, also, mention that this principle is especially important in the implementation of international financial calculations, which must be based on changes in exchange rates.
З теоретичної точки зору важливо відзначити, що, перш за все, науковий характер зовнішньоекономічної діяльності означає розвиток цієї діяльності відповідно до об'єктивних економічних законів. Практично відповідно до цього принципу управління міжнародними діловими операціями передбачає організацію попиту і пропозиції своєї продукції за кордоном, рівня цін і співвідношення до витрат в країні-експортері. Однією з головних проблем управління зовнішньоекономічною діяльністю є прорахунки-знання керівниками підприємств існуючих теорій міжнародної торгівлі допомагає їм уникнути значної частини прорахунків, а також, крім того, допомагає обґрунтовано прогнозувати зміни на міжнародних ринках. Ми також можемо відзначити, що цей принцип особливо важливий при здійсненні міжнародних фінансових розрахунків, які повинні ґрунтуватися на змінах валютних курсів.

Офшорна фінансова діяльність посідає значне місце у глобальній фінансовій системі, спостерігається суттєве зростання обсягів офшорних операцій та зростання кількості офшорних фінансових установ. Зважаючи на широке використання офшорів вітчизняними підприємцями та значні масштаби відтоку капіталу з економіки України в офшорні зони, дослідження негативного впливу офшорів на національну економіку та знаходження шляхів вирішення даної проблеми на сьогоднішній день є особливо актуальними. У роботі надана характеристика теоретичних засад офшорних зон, розглянуті принципи, покладені в його основу, даються різні класифікації офшорних зон, їх функціональне призначення. Описані цілі створення офшорних зон його переваги та недоліки. Розглянуті особливості функціонування офшорних юрисдикцій в сучасних умовах. Надані основні напрямки протидії негативним наслідкам діяльності офшорних юрисдикцій, наведені проблеми функціонування офшорного бізнесу і можливі шляхи їх вирішення.
The object of study of the master's thesis is the mechanism of functioning of offshore zones, the subject - financial relations that arise in the process of financial and economic activities of offshore zones and their impact on the economy. The methodological basis of the work is a systematic approach and a dialectical method. In addition, the methods of unity of historical and logical, comparative analysis, induction and deduction, as well as positive and normative approaches were used in the work. Results: the essence of the concept and history of offshore zones development is considered, the specifics of separate offshore zones and their characteristics and specialization are studied, advantages of doing business in offshore zones are allocated, the problems connected with capital migration to offshore zones are opened, problems of offshorization and deoffshorization of domestic business. The theoretical significance of the master's thesis is to justify the need to regulate national legislation on the deoffshorization of business in the country. The practical significance of the work lies in the generalization and systematization of a large array of statistical data, recommendations and proposals of scientists, specialists dealing with the problem of offshorization and deoffshorization in modern conditions. In the near future, the role of offshore zones in the world economy will weaken as more countries join the organization to combat further offshorization of business through various agreements.

The textbook deals with a set of issues related to the organization of foreign economic activity of a modern Russian enterprise. The article covers the basics of foreign economic activity, organization of international commercial operations, customs and international transportation, reveals the essence and features of international marketing, and shows the role of the state in managing foreign economic activity. The features of entering the world market, choosing a foreign partner, pricing, preparation and execution of foreign trade transactions are shown. Various aspects of insurance of foreign economic activity are revealed. Meets the requirements of Federal state educational standards of higher education of the latest generation. For bachelors and masters of higher education institutions studying in economic areas, as well as for students of the system of professional development and retraining, specialists in Economics, managers of various levels.

The textbook deals with the problems of conducting foreign economic activity from the point of view of taxation, accounting, analysis, audit, application of Russian and international legislation regulating this type of activity. All theoretical provisions are analyzed on the example of practical situations that arise in real practice. The presented theoretical material and practical situations are designed to help master the conduct of foreign economic activity. The textbook contains diagrams, tables of typical operations, sample documents, verification tests on each topic, practical tasks and applications of the necessary documents for a more complete development of the discipline. Meets the requirements of the federal state educational standards of higher education of the latest generation. For bachelors, undergraduates, postgraduates studying in economic programs and studying foreign economic activity in depth, the textbook will also be useful for teachers of economic faculties of universities and practitioners.

The article considers various options for determining the significance of the foreign economic activity of an enterprise, including the implementation of the main functions or development strategies of an enterprise, depending on the motives of foreign economic activity. Six levels of manifestation of the effect of the foreign economic activity of a single enterprise are identified: the level of the enterprise, regional, sectoral, national, supranational levels, the level of the world economy. Briefly characterized are the areas of manifestation of the effect of the foreign economic activity of the enterprise, such as budget, production, investment, social, other. The nature of the manifestation of the effect (direct, indirect) and its orientation (positive, negative) are indicated.

"Working Document" publications produced by Cade's (Administrative Council of Competition Defense) Department of Economic Studies is intended to disseminate economic studies relating to Cade's areas of activity, either to improve the analysis of mergers and acquisitions, or to help in the conduct investigation process harmful to free competition and to promote competition advocacy in the public and private sectors. In addition to giving visibility to the work of Cade's technical staff and people involved in related topics, it is expected to improve the institution's analysis.

The goal of this paper is to document the pedagogic impacts of the remote learning strategy used by an state department of education in Brazil during the pandemic. We found that dropout risk increased by 365% under remote learning. While risk increased with local disease activity, most of it can be attributed directly to the absence of in-person classes: we estimate that dropout risk increased by no less than 247% across the State, even at the low end of the distribution of per capita Covid-19 cases. Average standardized test scores decreased by 0.32 standard deviation, as if students had only learned 27.5% of the in-person equivalent under remote learning. Learning losses did not systematically increase with local disease activity, attesting that they are in fact the outcome of remote learning, rather than a consequence of other health or economic impacts of Covid-19. Authorizing schools to partially reopen for in-person classes increased high-school students test scores by 20% relative to the control group.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.

Pedestrians are vulnerable road users since they are prone to more severe injuries in any vehicular collision. While innovative solutions promise improved pedestrian safety, a careful analysis of local conditions is required before selecting proper corrective measures. This research study had two focuses: (1) methodology to identify roads and areas in Indiana where the frequency and severity of pedestrian collisions are heightened above the acceptable level, and (2) selecting effective countermeasures to mitigate or eliminate safety-critical conditions. Two general methods of identifying specific pedestrian safety concerns were proposed: (1) area-wide analysis, and (2) road-focused analysis. A suitable tool, Safety Needs Analysis Program (SNAP), is currently under development by the research team and is likely the future method to implement an area-wide type of analysis. The following models have been developed to facilitate the road-focused analysis: (1) pedestrian crossing activity level to fill the gap in pedestrian traffic data, and (2) crash probability and severity models to estimate the risk of pedestrian crashes around urban intersections in Indiana. The pedestrian safety model was effectively utilized in screening and identifying high-risk urban intersection segments for safety audits and improvements. In addition, detailed guidance was provided for many potential pedestrian safety countermeasures with specific behavioral and road conditions that justify these countermeasures. Furthermore, a procedure was presented to predict the economic feasibility of the countermeasures based on crash reduction factors. The findings of this study should help expand the existing RoadHAT tool used by the Indiana Department of Transportation (INDOT) to emphasize and strengthen pedestrian safety considerations in the current tool.

The UK government’s Integrated Review of security, defence, development and foreign policy, published in March 2021 alongside a supporting defence command paper, set a new course for UK national security and highlighted opportunities for an innovative approach to international engagement activity. The Integrated Review focused principally on the state threats posed by China’s increasing power and by competitors – including Russia – armed with nuclear, conventional and hybrid capabilities. It also stressed the continuing risks to global security and resilience due to conflict and instability in weakened and failed states. These threats have the potential to increase poverty and inequality, violent extremism, climate degradation and the forced displacement of people, while presenting authoritarian competitors with opportunities to enhance their geopolitical influence. There are moral, security and economic motives to foster durable peace in conflict-prone and weakened regions through a peacebuilding approach that promotes good governance, addresses the root causes of conflict and prevents violence, while denying opportunities to state competitors. The recent withdrawal from Afghanistan serves to emphasize the complexities and potential pitfalls associated with intervention operations in complex, unstable regions. Success in the future will require the full, sustained and coordinated integration of national, allied and regional levers of power underpinned by a sophisticated understanding of the operating environment. The UK armed forces, with their considerable resources and global network, will contribute to this effort through ‘persistent engagement’. This is a new approach to overseas operations below the threshold of conflict, designed as a pre-emptive complement to warfighting. To achieve this, the UK Ministry of Defence (MOD) must develop a capability that can operate effectively in weak, unstable and complex regions prone to violent conflict and crises, not least in the regions on the eastern and southern flanks of the Euro-Atlantic area. The first step must be the development of a cohort of military personnel with enhanced, tailored levels of knowledge, skills and experience. Engagement roles must be filled by operators with specialist knowledge, skills and experience forged beyond the mainstream discipline of combat and warfighting. Only then will individuals develop a genuinely sophisticated understanding of complex, politically driven and sensitive operating environments and be able to infuse the design and delivery of international activities with practical wisdom and insight. Engagement personnel need to be equipped with: An inherent understanding of the human and political dimensions of conflict, the underlying drivers such as inequality and scarcity, and the exacerbating factors such as climate change and migration; - A grounding in social sciences and conflict modelling in order to understand complex human terrain; - Regional expertise enabled by language skills, cultural intelligence and human networks; - Familiarity with a diverse range of partners, allies and local actors and their approaches; - Expertise in building partner capacity and applying defence capabilities to deliver stability and peace; - A grasp of emerging artificial intelligence technology as a tool to understand human terrain; - Reach and insight developed through ‘knowledge networks’ of external experts in academia, think-tanks and NGOs. Successful change will be dependent on strong and overt advocacy by the MOD’s senior leadership and a revised set of personnel policies and procedures for this cohort’s selection, education, training, career management, incentivization, sustainability and support.

Germany is a parliamentary democracy (The Federal Government, 2021) with two politically independent levels of 1) Federal (Bund) and 2) State (Länder or Bundesländer), and has a highly differentiated decentralized system of Government and administration (Deutsche Gesellschaft für Internationale Zusammenarbeit, 2021). The 16 states in Germany have their own government and legislations which means the federal authority has the responsibility of formulating policy, and the states are responsible for implementation (Franzke, 2020). The Federal Government supports the states in dealing with extraordinary danger and the Federal Ministry of the Interior (BMI) supports the states' operations with technology, expertise and other services (Federal Ministry of Interior, Building and Community, 2020). Due to the decentralized system of government, the Federal Government does not have the power to impose pandemic emergency measures. In the beginning of the COVID-19 pandemic, in order to slowdown the spread of coronavirus, on 16 March 2020 the federal and state governments attempted to harmonize joint guidelines, however one month later State governments started to act more independently (Franzke & Kuhlmann, 2021). In Germany, health insurance is compulsory and more than 11% of Germany’s GDP goes into healthcare spending (Federal Statistical Office, 2021). Health related policy at the federal level is the primary responsibility of the Federal Ministry of Health. This ministry supervises institutions dealing with higher level of public health including the Federal Institute for Drugs and Medical Devices (BfArM), the Paul-Ehrlich-Institute (PEI), the Robert Koch Institute (RKI) and the Federal Centre for Health Education (Federal Ministry of Health, 2020). The first German National Pandemic Plan (NPP), published in 2005, comprises two parts. Part one, updated in 2017, provides a framework for the pandemic plans of the states and the implementation plans of the municipalities, and part two, updated in 2016, is the scientific part of the National Pandemic Plan (Robert Koch Institut, 2017). The joint Federal-State working group on pandemic planning was established in 2005. A pandemic plan for German citizens abroad was published by the German Foreign Office on its website in 2005 (Robert Koch Institut, 2017). In 2007, the federal and state Governments, under the joint leadership of the Federal Ministry of the Interior and the Federal Ministry of Health, simulated influenza pandemic exercise called LÜKEX 07, and trained cross-states and cross-department crisis management (Bundesanstalt Technisches Hilfswerk, 2007b). In 2017, within the context of the G20, Germany ran a health emergency simulation exercise with representatives from WHO and the World Bank to prepare for future pandemic events (Federal Ministry of Health et al., 2017). By the beginning of the COVID-19 pandemic, on 27 February 2020, a joint crisis team of the Federal Ministry of the Interior (BMI) and the Federal Ministry of Health (BMG) was established (Die Bundesregierung, 2020a). On 4 March 2020 RKI published a Supplement to the National Pandemic Plan for COVID-19 (Robert Koch Institut, 2020d), and on 28 March 2020, a law for the protection of the population in an epidemic situation of national scope (Infektionsschutzgesetz) came into force (Bundesgesundheitsministerium, 2020b). In the first early phase of the COVID-19 pandemic in 2020, Germany managed to slow down the speed of the outbreak but was less successful in dealing with the second phase. Coronavirus-related information and measures were communicated through various platforms including TV, radio, press conferences, federal and state government official homepages, social media and applications. In mid-March 2020, the federal and state governments implemented extensive measures nationwide for pandemic containment. Step by step, social distancing and shutdowns were enforced by all Federal States, involving closing schools, day-cares and kindergartens, pubs, restaurants, shops, prayer services, borders, and imposing a curfew. To support those affected financially by the pandemic, the German Government provided large economic packages (Bundesministerium der Finanzen, 2020). These measures have adopted to the COVID-19 situation and changed over the pandemic. On 22 April 2020, the clinical trial of the corona vaccine was approved by Paul Ehrlich Institute, and in late December 2020, the distribution of vaccination in Germany and all other EU countries

Recent data suggest that the technical staff’s appraisals of the condition and development of economic activity, inflation and the labor market have been in line with current trends, marked by a decline in demand and the persistence of ample excess productive capacity. A significant projected fall in output materialized in the second quarter, contributing to a decline in inflation below the 3% target and reflected in a significant deterioration of the labor market. A slow recovery in output and employment is expected to continue for the remainder of 2020 and into next year, alongside growing inflation that should remain below the target. The Colombian economy is likely to undergo a significant recession in 2020 (GDP contraction of 7.6%), though this may be less severe than projected in the previous report (-8.5%). Output is expected to have begun a slow recovery in the second half of this year, though it is not projected to return to pre-pandemic levels in 2021 amid significant global uncertainty. The output decline in the first half of 2020 was less severe than anticipated, thanks to an upward revision in first-quarter GDP and a smaller contraction in the second quarter (-15.5%) than had been projected (-16.5%). Available economic indicators suggest an annual decline in GDP in the third quarter of around 9%. No significant acceleration of COVID-19 cases that would imply a tightening of social distancing measures is presumed for the remainder of this year or in 2021. In that context, a gradual opening of the economy would be expected to continue, with supply in sectors that have been most affected by the pandemic recovering slowly as restrictions on economic activity continue to be relaxed. On the spending side, an improvement in consumer confidence, suppressed demand for goods and services, low interest rates, and higher expected levels of foreign demand should contribute to a recovery in output. A low base of comparison would also help explain the expected increase in GDP in 2021. Based on the conditions laid out above, economic growth in 2020 is expected to be between -9% and -6.5%, with a central value of -7.6%. Growth in 2021 is projected to be between 3% and 7%, with a central value of 4.6% (Graph 1.1). Upward revisions compared to the July report take into account a lower-than-expected fall in first-semester growth and a somewhat faster recovery in the third quarter in some sectors. The forecast intervals for 2020 and 2021 growth tightened somewhat but continue to reflect a high degree of uncertainty over theevolution of the pandemic, the easures required to deal with it, and their effects on global and domestic economic activity.

Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor