martin redrado : the new central bank of argentina ’ s governor addresses his staff ceremony to introduce mr martin redrado, the new governor of the central bank of argentina, to the bank staff, buenos aires, 24 september 2004. * * * host : we are gathered today in order to introduce the new central bank of argentina ’ s authorities. presiding over the meeting is mr. martin redrado, the newly appointed bcra governor pursuant to executive order 1236 / 04. with him are the newly appointed bcra first deputy governor, miguel angel pesce ; the newly appointed directors waldo jose maria farias, zenon biagosch and arnaldo bocco ; the second deputy governor, ricardo branda ; the superintendent of financial and exchange institutions, jorge levy ; and directors felix camarasa, alfredo o ’ connell and eduardo cafaro. comptrollers marcelo griffi and luis lamberti are also present. the bcra governor takes the floor : thank you very much. our republic honors me this time with the responsibility of governing one of the key professional institutions in economic policy. i appreciate the confidence placed on my professional ability to govern for the next six years this institution that has given so much to the country, both in terms of dedication and commitment. i take office after alfonso prat - gay ’ s term, during which there were major developments in financial and monetary stabilization. but as you all know, i aim at creating and developing new challenges. my mandate for the next six years is quite simple, and i hope to have accomplished the following goals when i hand over the position to my successor on september 23, 2010. the first goal is consolidating the value of the peso as a clear value reserve for the argentine citizens, a function inherent to the currency and which we lost several decades ago. the second aims at consolidating the financial system, the banking sector - above all from the point of view of assets - for the public to trust again in the financial system ’ s essential value as the natural depositary of our people ’ s savings. the third goal is promoting the increased use of banking services - traditionally weak in our country -, mainly through stronger, more reliable institutions with a range of appealing financial instruments that attract public trust in the system. the fourth goal focuses on consolidating and establishing a reference rate for the argentine financial market like that of other developing - and developed - countries, a reference rate that will

there can be arguments against disclosure. the few years involved can be perceived as a running - in period during which the previous dialogue between the banks and the authority concerning provisions is supplemented by a dialogue on capital adequacy. danmarks nationalbank would like to emphasise, however, that the assessment of the need for capital should be disclosed when the full basel ii framework is implemented. the financial markets and the financial products are becoming more and more technically advanced and sophisticated. new products are constantly appearing to match customers ’ changing needs and preferences. in overall terms this is good for both business enterprises and households. choice is always a good thing - so that everyone ’ s needs can be catered for. for large groups of especially households it can be very difficult, however, to pinpoint exactly what is needed, and even harder to understand the various products and the risks they entail, and make the right choice. this applies especially to life ’ s major financial decisions, not least financing the purchase of a home and choosing the right pension scheme. this is where advisory services come into play. bank employees devote a lot of effort to advising households. it is, however, important that clients understand that there is no certain answer to the question of how e. g. interest rates and share prices will develop in the future. the adviser may have certain expectations, but nobody can know for sure. today many banks do a lot to emphasise that they are profit - driven commercial enterprises. this means that their employees must be good at selling their products. for this reason, some banks have incentive structures to reward successful salespeople. undoubtedly the interests of the bank and the private client may coincide, but it is hard to believe that this is always the case. this applies to many types of professional advisers - from insurance brokers to pharmacies, opticians and banks. denmark is now harvesting the fruits of more than 20 years ’ stability - oriented economic policy during which major structural reforms have been implemented. as a result, we have favourable growth, low inflation, a large current - account surplus and a surplus on government finances. unemployment is low in international terms. after rising for two years the curve seems to be on the way down as the unemployment level has stabilised, or is dropping slowly, depending on whether people in job creation schemes are included or not. the krone is extremely stable against the euro and both short - term and long - term interest rates are only marginally above the euro interest