Well, experience has shown that in order to maintain an efficient, well-functioning local-currency debt market, it's helpful to focus on the key aspects of liquidity, transparency, regularity, and integrity in the structure of government bond and money markets. As such, our efficient government debt market contributes to overall capital market efficiency by providing key benchmark and hedging tools.
This is especially true of our relations with the European Union and the euro area, which are governed by explicit rules that have been formulated with our participation. In fact, these rules are currently being modified as the EU and the euro area work towards new terms of economic governance that would avert a recurrence of crises and develop new mechanisms for intervention.