In addition, the structure of financial flows from abroad shows larger funding through FDI inflows, which mitigates the risks to external sustainability. However, debt financing is also mounting, attributed by both public and private sector. Although, according to most indicators of external indebtedness, Macedonia is still in the "safe zone", the growth of external debt is undoubtedly a signal for additional vigilance by policy-makers, which is especially true for developing countries. Bearing in mind that, despite the positive developments, the domestic savings rate in the Macedonian economy remains below the average and among the lower rates in the CESEE countries, an active contribution from all counterparties is necessary. For banks, this means continuous improvement of the offer of savings products, which will be price-competitive, but also adjusted to the needs of the "ordinary" depositor and keeping-up with the challenges of the modern life. In this context, I would also mention the savings that are still out of the official channels and whose attraction and channeling into official financial channels can significantly increase financial intermediation. Let's not forget the potential of the non-banking financial sector, which through a more active promotion and financial education of citizens on alternative forms of saving, can contribute to the mobilization of additional savings from the households. The development of the institutional investors creates a base for the development of the domestic capital market and increasing its importance as a financial intermediary in the economy. The role of the institutions is also important.

Florin Georgescu: Challenging the status quo in management and economics Opening remarks by Mr Florin Georgescu, First Deputy Governor of the National Bank of Romania, at the Strategica International Academic Conference "Challenging the Status Quo in Management and Economics", Bucharest, 11 October 2018. * * * Distinguished guests, Ladies and Gentlemen, I am glad to welcome you at the National Bank of Romania, as we host today the 6th edition of this prestigious international conference, together with the National University of Political Studies and Public Administration, and the Romanian Academic Society of Management. The debates today will be held under a generous and timely topic: “Challenging the Status Quo in Management and Economics”. We couldn’t have a better moment to discuss challenges to the status quo than today, as we witness a whole range of economic, social and political forces pushing for change all over the world. If this change is in the sense of progress or not, that remains to be seen. I trust that your presentations and insights will shed more light on these trends. I confess that I had a look at the titles of the presentations in both days of the conference, and the word that appears most frequently in these titles is knowledge. And I realize that not less than 50 years ago, Peter Drucker, the philosopher and management guru, launched the concept of knowledge economy. Since then, economists and management specialists of all doctrines, put knowledge at the forefront of their views of the world.