Dimitar Bogov: Macedonia's Needs Analysis Report concerning
accession to the European System of Central Bank and the Eurosystem
Address by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia,
on the occasion of the closing of the IPA project "Needs Analysis Programme" with the
National Bank of the Republic of Macedonia, Skopje, 10 July 2013.
* * *
Dear Mr. Asmusen, member of the Executive Board of the ECB
Dear Mr. Orav, EU Ambassador to the Republic of Macedonia
Ladies and gentlemen, distinguished guests, media representatives,
It is my great pleasure to inform you that today, at the meeting of the Steering Committee of
the joint EU-funded project with the European Central Bank on the NBRM Needs Analysis in
the process of its accession to the European System of Central Banks and the Eurosystem,
we adopted the final Report, the Needs Analysis Report. Thus, I may conclude that the
project, whose implementation took nine months, ended successfully.
The success is primarily due to the commitment to the project and the good cooperation
among all stakeholders over the past nine months. So, let me first express my gratitude to
the ECB, with which we jointly initiated and organized this collaboration, to the national
central banks of the European System of Central Banks and to their experts who participated
and were directly involved in the implementation of the project, as well as to the
EU Delegation in our country for their support throughout the project duration and of course
for providing financial assistance to ensure the implementation of the project. Also I would
like to stress the benefit for the NBRM from the extraordinary collaboration with the
representatives of the ECB and of the national central banks of the Eurosystem.
Considering the role of the central bank in the country's accession to the EU, the National
Bank of the Republic of Macedonia has initiated this project in order to prepare for future
membership in the European System of Central Banks and the Eurosystem. The road to the
EU is a process that requires from us to build strong and effective institutions. This project
has exactly that aim: strengthening the institutional capacity of the National Bank and
harmonization of the standards for the national central banks in the EU by means of revising
the current legal framework, the adoption and implementation of new policies and practices
and staff training.
The implementation of European standards and best practices in the operations of the
NBRM is not an end in itself. It will contribute to strengthening of the role of the National
Bank in ensuring price stability and the stability and efficiency of the financial system in the
country, as well as strengthening the capacity of the National Bank in meeting the challenges
that lie ahead on the road to the accession of the Republic of Macedonia into the EU.
Let me discuss briefly the results and significance of the project in relation to the further
operation of the National Bank.
The first and most important benefit of the project is the set of relevant findings of the experts
on the existing gaps, and the recommendations for their overcoming within time frame and
resources needed. In this regard, the Needs Analysis Report will be the basis for strategic
planning of the National Bank and for setting the future strategy for joining the European
System of Central Banks and the Eurosystem.
With great pleasure I would point out that in the Report, the NBRM is regarded as a
professional, independent, technically efficient and strategically oriented institution, and in
some areas of central banking it is noted that it already operates in accordance with EU and
ESCB standards. Also I am pleased to say that some recommendations that were given
during the project have already been implemented, which encourages me to confirm our
strong commitment for implementing and applying the recommendations given in the Report.
I would like to assure you that depending on the nature of the recommendations, some will
be implemented in a short period of time, while others will take more time and additional
technical and human resources, and of course, further technical assistance in terms of
experience and knowledge of the ECB and the national central banks of the EU.
It is the creation of opportunities for further cooperation that I consider the second important
benefit for the National Bank from the implementation of this project. Namely, the project
involved a number of experts from various areas of central banking from the ECB and from
11 central banks of the European System of Central Banks. In the past nine months they had
intensive communication and cooperation with their counterparts in the NBRM and
conducted a total of 16 assessment missions within which they unselfishly transferred their
whole experience and knowledge. The implementation of the project, further contributed to
increasing the awareness and knowledge of the NBRM staff in the relevant EU regulations,
standards and practices applied by modern central banks.
Hence, I would especially like to emphasize the future prospects of our mutual cooperation
that will hopefully continue in the same spirit and will further deepen.
Finally, let me once again emphasize my satisfaction and give the credit for the successful
implementation of the project, to the resident programme coordinator from the ECB, and to
all participating experts from the ECB, the European System of Central Banks and the
National Bank of the Republic of Macedonia.
Thank you.