anita angelovska bezhoska : opening address - fifth meeting of the regional working group for financial education of southeastern europe opening address by ms anita angelovska bezhoska, governor of the national bank of the republic of north macedonia, at the fifth meeting of the regional working group for financial education of southeastern europe, skopje, 27 september 2019. * * * distinguished representatives of the central banks, dear representatives of international institutions, dear guests, ladies and gentleman, it is my great pleasure to give the opening address at the fifth meeting of the regional working group for financial education of southeastern europe, hosted by our national bank. i am more than certain that joint fora, such as this one, are important venue for raising our awareness and knowledge on matters of mutual interest. and, there is no dilemma that financial education, as a spotlight of this working group, is an issue of mutual interest gaining prominence and importance among all stakeholders – central banks, regulators, financial services providers, consumers. we are all faced with rapidly evolving financial landscape, in which being knowledgeable means being capable of reaping the benefits and mitigating risks. now allow me to shed some light on a couple of important dimensions such as relevance of the financial literacy and the benefits it brings to the society, the specific circumstances that brought this issue to the fore in the last decade, the role played by the central banks in this segment, the current state and the challenges ahead for the region and our country. why does financial literacy matter? it is more than clear that the absence of understanding of the basic financial concepts erodes our capability to make proper and well - informed choices in terms of savings, investment, and borrowing. the costs of these choices are not confined only to individuals, but they can have systemic implications, eroding the overall financial stability. the translation of these misinformed decisions into systemic risks is exactly one of the main reasons why financial literacy became the mainstream in the past decade. the pre - crisis credit boom was supported by irrational exuberance and overconfidence of “ never ending ” rise in assets prices and low financing costs. the credit boom turned into credit bust, and the consequences of the “ bubble – burst ” are still with us. according to the latest imf map of weak spots, heavily indebted households are still the main source of vulnerability in many systemically important advanced and emerging economies, and potential source of next financial crisis. apparently, being financially literate

anita angelovska bezhoska : speech - european statistics day speech by ms anita angelovska bezhoska, governor of the national bank of the republic of north macedonia, at the marking of the european statistics day, held at the national bank, skopje, 28 october 2019. * * * your excellency zhbogar, dear director general simovski, dear mr. nymand - andersen, esteemed managers of regulatory institutions, former minister of finance, ladies and gentlemen, it is my great pleasure to address you today at the celebration of the european statistics day. reflecting on the concept of today ’ s event for further affirmation of the importance of statistics, as well as our commitment to compile quality statistics under the latest european and international standards in general, i recall what herbert george wells said a century ago, “ statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write. ” and he was right. today, when information and knowledge are the main building blocks of society, and when neither full information nor thorough knowledge is possible without quality data, there is no doubt that statistics are and will always be necessary, both for the individual and for the society at large. therefore, the responsibility we all have as part of the statistical puzzle is great – we create a public good whose benefits are felt by every individual, every institution, policy maker... all this for the benefit of a healthy and prosperous society. the past decade has witnessed tectonic changes in the global economic and financial landscape. these changes have also affected the central banks. with the onset of the crisis, the so - called conventional policies and instruments were reconsidered, the scope of our functions increased, and the expectations from us enhanced. macroprudential function, bank resolution, consumer protection, financial inclusion and literacy are just some of the areas requiring from the central bank to play the leading role. the crisis itself and the subsequent changes to the overall central bank profile and decision - making infrastructure entail modifications in the scope, granularity, and the systematization of the available statistical data. a number of new statistical initiatives ( such as the g - 20 data gaps initiative ) aimed at enriching the statistical spectrum have emerged post crisis. the mere fact that global crisis arose exactly from the financial sector suggests that many of the post - crisis recommendations and needs for changes in the statistical system concern the central banks. the crisis has