at There was a distinct change of emphasis in David Murray's remarks when he spoke about the global regulatory response to the financial crisis in a speech in Sydney last night.Late in August, when the chairman of the Financial System Inquiry was conducting a series of public forums, he spoke about the fact that an economy such as Australia's, which was dependent on foreign capital, could not ignore rules being formulated elsewhere.He said policymakers had to consider whether Australia should follow the lead of US and UK regulators in the development of rules such as ring-fencing (where retail and investment banking activities are separated) and bail-in provisions (where certain debt holders might face the same risk of loss as equity holders).He said at the time: "If you look at the political response to the crisis, it was that this must not happen again. Regulators were told to do what they must to ensure that outcome."It is very difficult for us to tell the rest of the world that they should use our standards but not use theirs."However, speaking at the launch of the Australian Financial Markets Associations' 2014 Australian Financial Markets Report in Sydney last night, Murray said the "fix it at all costs" approach was a knee-jerk response that had produced a lot of "untested" regulatory instruments (including the bail-in provisions).He said it was important to note that the FSI's brief included reference to the state of the economy and how best to promote growth, productivity and efficiency, as well as security.Murray said: "Every economy is different and the financial system must reflect the needs of the economy."He said that in some respects the Australian agenda was at odds with the priorities of regulators in other countries because of a lot of proposed re-regulation would put economies on a low-growth path.On the specifics, Murray returned to a few key themes:•    The current disclosure regime in securities "does not work for the users of the system" and needs to be supplemented with a system that engenders greater trust between financial institutions and their customers.•    The superannuation system needs to better serve the needs of members (by addressing high costs and the lack of appropriate retirement income products) and also better serve the economy (by accommodating a wider range of investment needs such as infrastructure and project funding).•    Regulators need to be able to deal with emerging technologies (the source of productivity growth) more effectively, encouraging their development and incorporating them into the financial system. This requires a shift from "entity-based" regulation to a more functional approach.