volatility in interest rates on account of activities of various market players. 15. active, unfettered repo market is one of the critical elements of such bcd construct. repo markets were one of the most active funding markets globally before the crisis. postcrisis, however, several work - streams under fsb, iosco, etc. are working internationally to tighten the regulation of repo markets, including regulations on re - use of securities, margins and haircuts, leverage built - up through repo markets, etc. these are not market conduct issues but prudential issues, being discussed in the context of systemic stability. 16. market regulation cannot remain a value - neutral term. different markets have different dynamics and inter - connections with the real sector and broader macroeconomic stability. to argue that regulation of equity markets is same as regulation of currency markets is facetious, ignoring the massive work going on internationally towards reforming the financial sector. yes market mechanics can be same and market micro - structure can be convergent across asset classes but in terms of systemic spillover, approach to regulation of these markets can be very different. 17. so the point i am trying to make is that the debate needs to be on the nature of financial regulation and the underlying structural imperatives rather than the institutional structure. various models have been tried internationally pre - crisis and post - crisis and it ’ s the contextual imperatives which have driven the changes. the path ahead 18. planning towards future, i can cite the policy direction provided by our governor dr. raghuram rajan. while talking about the five pillars of rbi ’ s developmental measures, dr. rajan identified ‘ broadening and deepening financial markets and increasing their liquidity and resilience ’ as an important pillar. the objective is to help allocate and absorb the bis central bankers ’ speeches risks entailed in financing india ’ s growth. he had observed that markets are complementary to development of banking sector. the tasks ahead are : • building liquidity and improving market access ; • developing government bond market domestically in terms of investor class, instruments, infrastructure, intermediaries and innovations and opening up to foreign investors in a calibrated manner to broaden the investors ’ base without unduly exposing it to the risks of sudden stops ; and • better communication of the debt management policy to avoid uncertainty in the minds of investors. 19. going forward, by the year 2020, i would expect

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