The challenge is to learn how to use these instruments in the best way.” Recently, Petra M. Geraats (Mаy 2010), concluded in the same direction: “Recent financial crises have revealed that a ‘nice’ (non-inflationary, continuously expanding) economy can mask the build up of toxic imbalances that threaten the financial system. So it is vital for policymakers to proactively pursue not only price but also financial stability. Although the pursuit of both objectives could give rise to uncomfortable trade-offs, these can be bypassed by supplementing the main instrument of monetary policy, with tools for prudential policy, in line with the Tinbergen rule.” Accordingly, asking whether the central banks should have double mandate and answering affirmatively, she (Petra M. Geraats) says: “Although the twin goals sometimes give rise to dueling demands, with an appropriate policy framework central banks can accomplish both and achieve a dual mandate of price and financial stability”. Definitely, the consensus for this point of view is mounting, since larger number of authors are basically on the same line. Тhis highlights the importance of ongoing efforts to strengthen the macro-prudential supervision role of central banks (de Larosiere, 2009). Macro-prudential policies could aim to contain the build up of financial imbalances and ensure that the financial system is sufficiently resistant to withstand a disorderly unwinding (Papademos, 2009). Considering the important informational synergies between micro-prudential supervision and systemic risk analysis, bringing micro-supervision under the same roof as other central bank functions seems an attractive proposition.

As a supplement to the proposed minimal liquidity ratios, the Basle Committee published a revised version of the principles for safe management and supervision of the liquidity risk. We have proactive role also regarding this measure. Last year we prepared and adopted a regulation that requires from the banks to adhere to two liquidity ratios: (1) up to 30 days and (2) up to 180 days, in Denars and foreign exchange, individually. In that way, we encompassed both, the short-term and the long-term aspect of the liquidity. The results from the application of this measure are good. At the end of 2009, we have registered the following: the volume of the liquid assets is significantly over the level registered at the end of 2008; all liquidity indicators improved; the gap between the assets and liabilities from the aspect of their contractual maturity and the high percentage of stable deposits decreased. The history showed again that the financial stability is precious and it represents public good for society. Let us try to learn the true lessons from the latest crisis. I wish you a successful work and pleasant stay in Macedonia. References 1. Blanchard Olivier, Giovanni Dell’Ariccia and Paolo Mauro (2010), “Rethinking Macroeconomic Policy”, IMF. 2. BIS Quarterly review, (March 2010). 3. Caruana Jaime (2010), “Macroprudential policy: working towards a new consensus” (Remarks at the high-level meeting on “The Emerging Framework for Financial Regulation and Monetary Policy”, Washington DC, 23 April 2010). 4.