##dative monetary policies. the creation of a macroprudential framework with its own objectives, authorities and tools provides an important complement to monetary policy. in the long term, the complementarity naturally arises because the respective objectives are intertwined and one cannot be achieved without the other. at the same time, they complement each other equally well in the short term. when asset prices, leverage, financial exuberance and strength of the economy and inflationary pressures move in the same direction, monetary policy and macroprudential policy typically pull in the same direction too. on the other hand, when financial imbalances increase amid an environment characterised by relatively muted inflation, the twin goals of price stability and financial stability can be best achieved by resorting to two separate instruments, in line with the tinbergen principle. 4 while more restrictive monetary policy may be able to lean against the build - up of financial imbalances, targeted macroprudential measures are typically a more efficient way of addressing their causes. this is especially relevant in the euro area, given its multi - country composition. macroprudential measures can be targeted to specific member countries to address the build - up of local imbalances, which cannot be addressed in an efficient manner by the single monetary policy. the presence of macroprudential policy should, however, not lead monetary policy to neglect financial stability issues. when the build - up of financial imbalances affects a large part of the economy, only monetary policy rates have the ability to reach into all “ corners of the economy ” ( to borrow from jeremy stein ’ s remark ). 5 and when the build - up of financial imbalances pervades the economy, monetary policy should stand ready to adopt a leaning - against - the - wind posture. the monetary policy horizon in pursuing its price stability mandate, monetary policy can inadvertently exacerbate financial stability risks. as monetary policy operates under uncertainty, there have been episodes of monetary policy mis - calibration throughout economic history, but the consequences for financial stability very much depend on the prevailing financial regulatory regimes. monetary policy mis - calibration may lead to the build - up of financial imbalances in particular when the central bank is faced with a sequence of positive cost - push shocks that curb domestic price pressures for a prolonged period of time. think, for instance, of the gradual penetration of new technologies in recent decades – primarily the internet and related digital technologies – which boosted on - the -

non - residents in kosovo, most of which are from the diaspora, were in the amount of 1. 33 billion euros an increase of 151. 3 percent compared to the same period last year. also, 2021 marked a faster growth rate of remittances sent from the diaspora in kosovo. the value of remittances received by the end of october 2021 is 956 million euros, which 1 / 5 bis central bankers'speeches represents an annual increase of 20. 0 percent. the increase in domestic demand in kosovo, during this year, was reflected in a higher value of imports of goods, which, by november 2021, marked the value of 4. 2 billion euros or an annual increase of 42. 5 percent. on the other hand, the export of goods amounted to 684. 7 million euros, marking an annual increase of 60 percent. as a result of these events, the trade deficit on the goods account by november 2021 will be worth 3. 5 billion euros, which is an annual increase of 39. 6 percent on the other hand, the export of services until september 2021, amounted to 1. 59 billion euros, marking an annual increase of 117 percent, which has occurred mainly as a result of increased visits of our compatriots and tourists to the country. the import of services was also characterized by an increase, which, until september 2021, registered a value of 642 million euros. therefore, the total imports of goods and services, until november this year, are in the amount of about 5 billion euros, while exports of goods and services are in the amount of about 2. 3 billion euros. as for foreign direct investment, their value by september 2021, amounted to 389 million euros, compared to the value of 254 million euros recorded by september 2020. during this period, high growth was recorded in fdi in real estate investments, which amounted to 265 million euros, compared to the amount of 129 million euros recorded by the end of september 2020, or expressed in percentage, we have an increase of 106 percent. on the other hand, investments in the financial services sector amounted to about 87 million euros, compared to the amount of about 67 million euros recorded during the same period last year. as for other macroeconomic indicators, it is worth emphasizing that the average inflation until november 2021 marked a rate of 3. 1 percent compared to the annual average of 0. 2 percent for 2020. whereas, the inflation rate for november 2021 alone was 6. 9 percent