german has talked about it : 6 % of financing from the financial sector to the private sector, 6 % of gdp, and 8 % of capitalization from the capital market in the argentine economy. moreover, the bcra has sterilized the savings of argentine companies for usd60, 000 million through leliqs and repo transactions. although this might be seen as a macroeconomic problem, in fact, it is an opportunity. considering its domestic savings, argentina has great capacity to expand investment and financing, and that is how we understand it. thus, while solving the external restriction and inflationary inertia problems, it is also necessary to develop the capital market. this is a complex process because it does not only involve macroeconomic problems but also economic agents'performance problems. from the moment statistics started to be produced in this regard, argentina has built up foreign assets amounting to usd190, 000 million. in the balance of payments, argentina's residents are world creditors for usd380, 000 million. since 2006, argentina has imported u. s. banknotes for usd171, 000 million. therefore, we need to solve the problem of inertia and the lack of capital market to overcome these high levels of inflation. the capacity or possibility of economic growth is necessary but not enough for us to achieve this objective. i would like to thank you, once again, for joining us in this conference. i would like to thank those who have presented their ideas, the economic research deputy general management office, and the institutional and international relations departments of the bcra for the success of this conference. we hope that this tradition continues in the coming years. thank you. 3 / 3 bis - central bankers'speeches

the convertibility system. argentina was able to grow because it was undergoing an external debt restructuring process and the price of commodities provided enough margin to avoid external restriction. so, i believe we can learn from our own experience. during the last jackson hole economic symposium, jerome powell said that inflation was a problem of imbalance between supply and demand. he said something that is 1 / 3 bis - central bankers'speeches also true : central banks can restrict demand though they have few tools to expand supply ; and, when they have to act, they do so accordingly. what underlies my argument is that growth is the way to avoid inflationary processes. as i was saying, in argentina, the restriction is in the external and energy sectors. powell said something that we all know : the restriction is in the u. s. labor market and in the long term. if we think of democratic economies with situations of poverty and inequality, very long periods of tightening of demand may have very negative social effects and may also question the credibility of those who carry out the anti - inflationary policy. long periods of high interest rates seeking to reduce inflation have social consequences, and this may also affect the credibility of the institutions that have to curb inflation. i believe that we are also in a special moment of paradigm change. i mentioned it when i opened the conference. charles goodhart and manoj pradhan wrote the great demographic reversal. goodhart wrote this book in 2019 before the pandemic. he stated that the incorporation of china into the global market of industrialized goods caused the inflationary impulses from industrial goods to be reduced due to the low wages paid by china and the enormous labor force it had to expand its exports. in 2000, the ratio of chinese workers'wages to american workers'wages was 34. by 2018, that ratio had dropped to 5 and it posted a downward trend. goodhart's pointed out that the opportunity to take advantage of low wages in the chinese economy had ended. figures support this situation. in 2030, china will have 500 million middle - class people and only 100 million low - income people. in 2015, there were 500 million lowincome people. this means an extraordinary increase in china's domestic absorption and, as i mentioned before, it will not moderate the prices of industrial products. coincidence is not causation. the presence of china in the supply of industrial goods, favored by globalization, has coincided with a long period of price stability and