We need to actually look at how the market reacts to the measures introduced. It can only be done if we have an effective surveillance framework. Fifth, effective communication is crucial 4Cs – clarity, concise, consistent and credible – core features of effective communication: i. Clarity – market, investors and public typically fear the worst in absence of clear information. ii. Concise – “more” is not always effective; we allow for some “constructive ambiguity”. iii. Consistent way of communication across time and different stakeholders would strengthen credibility. 2  BIS central bankers’ speeches  iv. Credible – reducing misinformation helps shape and influence expectations. It may not always be possible to engage with affected parties prior to the implementation of some macroprudential policies. For example, there was a spike in the growth of average house prices in the few months leading up to the announcement of the first LTV ratio limit. This could be due to a rush to lock in financing at a higher LTV ratio prior to rumoured timing of implementation of the limit. Some developers and banks also used aggressive marketing campaigns (e.g. “buy before the LTV ratio limit kicks in!”) before the effective date of the measure. In this case, we opted to impose the measures with immediate effect on the date of announcement to minimise circumvention. Let me delve on another key policy priority, which is financial inclusion. I will raise five points that I hope will provide some perspectives on financial inclusion based on our experiences back home.

Therefore, in the previous years, we have organized numerous work-shops on many current topics, international conferences, and our employees lecture in several faculties in the country. Also, four years ago, we introduced the Annual Reward for Young Researchers, which has proved to be a very successful example, followed by other institutions, as well. Today’s opening of the Joint Public Information Centre is another contribution to the upgrade of the scientific and research profile of the Central Bank, which has been established and developed very hard all these years, in parallel with the operational portfolio of the basic functions of NBRM: determining and implementation of the monetary policy, the banking sector supervision, the financial stability support, ensuring smooth functioning of the payment system, and above all, realization of the ultimate objective of the NBRM’s monetary policy – the price stability. I believe that with the opening of this Center, we open another channel for knowledge dissemination, which will be additional stimulus for the scientific and research activity. I believe that the Center will also serve for further deepening of the NBRM and World Bank cooperation, inter alia, also in the domain of organization of forums and debates on various current topics, as well as in the providing of foreign expertise, comparing the domestic with the international experience. Dear friends, We are glad that this library will join the libraries the American journalist Carl T. Rowan calls “knowledge food”, saying also that “the knowledge has liberated much more people than any war made in the entire history”.