next five years. this phenomenon contributes to sustain high quotes. as a by - product, it affects food prices overall due to its impact on the cost of producing meat and dairy products. consequently, we are experiencing higher food prices worldwide. the impact on inflation is particularly large in developing countries, where foodstuff usually has a higher weight in the consumption basket ( and, consequently, a higher weight in cpi ). additionally, in these countries, cereals dominate the daily diet ( according to fao, cereals represent 52 % of the diet in developing economies compared to only 31 % in the developed world ). however, emerging market economies – both foods exporters such as argentina and many other countries in latin america and consumers, including many asian countries – are also facing sustained increases in food prices. therefore, the twin surpluses ( fiscal and external ) have been a trademark of the argentine economy over the last years and are expected to remain so. as opposed to what happens in other emerging markets, being able to show a positive cash flow that comes from the real side of the economy together with a flexible exchange rate regime and a solid central bank gives the country a paramount position to face external turbulences. nevertheless, on the fiscal side, the consolidated primary balance reached an outstanding 5. 3 % in 2004 to decline about two percentage points to current levels. going forward, a commitment to increase the primary surplus is essential to keep a sustainable growth towards equilibrium. so, the need to preserve and deepen these surpluses is a priority. mainly, because we are still going through a transition phase typical of post - crisis periods. and, these transition stages – where key macroeconomic variables converge to their long - term values – take time and raise enormous challenges. for instance, it took long to countries such as chile to fully stabilize their economies and achieve sustained growth. our neighbor put in place a gradualist approach during the normalization period. it involved four common elements that have been of utmost importance : consolidating fiscal solvency, reestablishing external sustainability, restructuring liabilities, and rebuilding the financial system. once all these aspects were addressed, progress in the consolidation of a full - fledged inflation targeting regime was achieved. thus, for several years, chile lived with higher inflation, while patiently building credibility and institutions. so, the experience of other emerging economies shows that flexibility and gradualism in both policy design and implementation are the adequate approach during this phase of their history. in argentina, despite

various services provided by the rbi regulated entities like banks, nbfcs and payment system operators. the existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. this integrated scheme will reinforce confidence and trust in the financial system. 6. the launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. i once again extend a warm welcome to all the dignitaries, participants and viewers. thank you. 1 / 1 bis central bankers'speeches