energy sector. thus, while the value of energy sector exports receipts have risen by more than one - third, since 2001, nonenergy exports have languished. figure 10 according to the preliminary trade data, non - energy exports in 2004 were about 15 percent below the level of 2002. import growth has been quite buoyant over the last two years, and apart from the rise in capital imports related to train iv, the partial indicators suggest a sizable increase in consumer imports. figure 11 selected capital outflows ( ( us $ millions ) ) bond placements foreign acquisitions sovereign other total total 25. 2 30. 0 - 30. 0 55. 2 58. 1 39. 6 166. 7 206. 3 264. 4 105. 9 70. 1 - 70. 1 176. 0 200. 0 177. 8 368. 2 546. 0 746. 0 25. 4 230. 4 196. 9 427. 3 452. 7 on capital account, for decades we have been a recipient of sizable direct foreign investments in the energy sector. the construction of train iv has meant a large increase in such investments over the past few years. more recently we have begun to have sizable concerted outflows on capital account. figure 11 provides data on some identified capital outflows. it shows, for instance, that foreign currency bond placements in the local capital market, as registered by the sec reached us $ 500 million in 2003 and have remained high in 2004. these outflows also create pressures in the foreign exchange markets. a few words on the exchange rate and export competitiveness. the poor performance of non - energy exports raises questions about the competitiveness of the export sector. however, the available evidence is not conclusive either way. chart 1 real effective exchange rate trade weighted real effective exchange rate 110. 00 105. 00 100. 00 95. 00 90. 00 85. 00 80. 00 75. 00 ja n9 ap 8 r9 ju 8 l - 9 o 8 ct - 9 ja 8 n9 ap 9 r9 ju 9 l - 9 o 9 ct - 9 ja 9 n0 ap 0 r00 ju l - 0 o 0 ct - 0 ja 0 n0 ap 1 r01 ju l - 0 o 1 ct - 0 ja 1 n0 ap 2 r0 ju 2 l - 0 o 2 ct - 0 ja 2 n0 ap 3 r03 ju l - 0 o 3 ct - 0 ja

qualified team of inspectors. there are no specific international standards on this matter. all the principles and recommendations mention supervision as the core component of prevention, but we are still in need of a standardized methodology. the third pillar is rating. we believe that specific rating mechanisms developed by local supervisors should be implemented, on the basis of an agreement on aspects such as components to be rated, and the rating systems applicable to financial institutions. although traditionally we have rated financial institutions mainly according to liquidity and solvency considerations in order to protect the stability of financial systems, we consider that rating banks on the basis of compliance with aml / cft regulations will be relevant. the last pillar concerns information sharing. guidelines for the use of information and to which extend it may be shared should be defined. all of this, with special emphasis on the analysis of the legal frameworks of the different jurisdictions. standards with these features would allow to enhance awareness of financial systems on aml / cft matters, providing them with a credible and stable framework for conducting their businesses and, in addition, for developing a valuable flow of information that can be exchanged between private sector parties and between the private and the public sector. this supervision methodology, in the process of being implemented in argentina, includes technical assistance from international institutions such as the world bank. our vision is fully consistent with the risk - based approach that allows financial institutions to focus their resources on those operations, transactions, customers and accounts that show greatest vulnerability to global crimes. these approaches - already adopted by countries such as the united states - are included in several of the regulatory aspects proposed by the us patriot act, and are in line with the spirit of many of the recommendations of the fatf. the risk - based approach recognizes that the banking business has peculiarities linked to cultural and historical matters associated with each region. therefore, any regulatory framework must be flexible enough to be able to ensure certain discretion to member countries, being applied on the grounds of their knowledge of their own banking and financial practices. there is no unique solution or pre - established methodology for governments or international institutions to define the nature and content of a risk - based approach. nevertheless, certain principles have been developed, describing basic concepts, which serve as a guide to develop and implement a system that can operate reasonably. however, specific aspects must be developed by the institutions on the basis of the particularities of each case. standards that, for example, break down risk into three vectors - country risk, customer risk and service