19/58, Republic of Slovenia 2018 Article IV Consultation, February 2019  17  Appendix Long- term challenges for current account balance Total population growth  Total population growth  (%)  (%)  5.0  4.0  10.7  3.0 0.0 2.0 1.0  -5.0 -14.2  0.0  BiH  Croatia  Montenegro  North Macedonia  Serbia  2010  2015  2020  2025  2030  2035  -3.0 1990  1995  2000  EUROPE  2005  Western Europe  2010  2015  2020  Eastern Europe  2025  2030  2035  Southern Europe  Total dependency ratio  2000  2005  Total dependency ratio  (65+/(15-64))  (65+/(15-64))  80.0  80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0  70.0 60.0  50.0 40.0 30.0  20.0 10.0 0  1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 EUROPE  Western Europe  Eastern Europe  Southern Europe  1990  1995  2000  Old dependency ratio  2005  2010  2015  2020  2025  2030  2035  2025  2030  2035  Old dependency ratio  (65+/(15-64))  (65+/(15-64))  60.0  50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0  50.0 40.0  30.0 20.0 10.0  0 1990  1995  EUROPE  2000  2005  Western Europe  2010  2015  2020  Eastern Europe  2025  2030  2035  Southern Europe  1990  18  1995  2000  2005  2010  2015  2020  Slovenia  Albania  Romania  1995  Poland  1990  Hungary  Czechia  -2.0  Bulgaria  -10.0  -1.0  Child dependency ratio  Child dependency ratio  (65+/(15-64))  (65+/(15-64))  60.0 50.0 40.0 30.0 20.0 10.0 0  40.0  35.0 30.0 25.0 20.0 15.0 10.0 5.0  0 1990  1995  EUROPE  2000  2005  Western Europe  2010  2015  2020  Eastern Europe  2025  2030  2035 1990  Southern Europe  19  1995  2000  2005  2010  2015  2020  2025  2030  2035  Net International Investment Position, by countries  20  Current account balance and Fiscal balance (% of GDP) Albania  BiH  5.0  0.0 -5.0 -10.0  5.0 0.2  0.0 -2.9  -5.1  -4.5  -3.3  0.0  12.0  3.0  -1.2 -1.7  -5.0 -4.1  -15.0  2000- 2009- 20142008 2013 2018  Montenegro 5.0  -10.0  -9.6  -15.0 2000- 2009- 20142008 2013 2018  N.Macedonia  Hungary  5.0  5.0 0.8 0.1  0.0  -0.8  -5.5 -6.1  -10.0  -13.5  -15.0  Czechia  0.0 -1.7-1.9  -5.0  -7.2  -8.3 -10.0  2000- 2009- 20142008 2013 2018  -5.0  -10.0  -10.0  -15.0  Poland  0.0  -2.0 -5.0 -3.6 -3.9 -3.5  2000- 2009- 20142008 2013 2018  Romania  -2.1 -6.1 -7.1  2000- 2009- 20142008 2013 2018  Serbia  5.0  5.0  5.0  0.0  0.0  0.0  0.0  -3.9  -15.0 2000- 2009- 20142008 2013 2018  5.0  2.0  0.9  Slovenia 10.0  0.2  -5.0 -5.7  -10.0  -5.2  -1.0  -5.0  -1.5 -3.0 -3.0 -3.2  -5.0 -4.1  -14.6 -10.0  -20.0  -0.7 -2.1  -4.4  -5.8  -15.0  -25.0  2.3  1.2  -1.4  -5.0  Croatia 5.0  -5.2  -8.8  -15.0  0.0  Bulgaria  5.0  -3.9 -5.4  -10.0  -5.0  -2.2 -2.3 -5.0 -4.1 -4.5  -2.8  -7.2  -10.0  -10.0  0.4  -0.8  -1.6 -4.4  -8.6  -4.5  -22.0  -15.0  -15.0  2000- 2009- 20142008 2013 2018  -15.0  2000- 2009- 20142008 2013 2018  -5.0  -0.9 -2.0  -2.1  -6.6  -10.0  -15.0  2000- 2009- 20142008 2013 2018  0.0  -7.3  -17.9  2000- 2009- 20142008 2013 2018  5.1  5.0  -15.0  2000- 2009- 20142008 2013 2018  2000- 2009- 20142008 2013 2018  Source: IMF WEO, October 2019 and NBRNM calculations.

The Joint Staff Report on the Treasury flash event, the Treasury Department’s subsequent request for information, and the work that has followed identified a number of changes that have reshaped the Treasury market over the last decade. These include the increased electronification of trading, the changing nature of intermediation and liquidity, and the entry of new market participants. In light of these changes, the Joint Staff Report highlighted four important priority areas for additional work. In taking these efforts forward, we have benefited from ongoing engagement with market participants and other members of the public. The first priority is gatherings like this one, where both private and official sector participants come together to study and share views on what the market’s evolution means for its structure and liquidity. Understanding how the Treasury market is evolving can enable us to be good stewards of its trajectory. A second priority is improving the availability of data on activities in the cash market. After the historic volatility that occurred on October 15, 2014, the official sector had limited access to transaction data. This resulted in a months-long lag in the process to gather and analyze data from the event. The introduction this year of transaction data reporting by broker-dealers to the official sector is thus a critical step forward. While closing this data gap for the official sector is an important milestone, work remains to ensure that the scope of collection is sufficiently complete and dynamic to maintain coverage of relevant firms, as intermediaries and liquidity providers evolve.