stefan ingves : introduction on monetary policy speech by mr stefan ingves, governor of the sveriges riksbank, at the riksdag committee on finance, stockholm, 22 february 2007. * * * thank you for the invitation to come here! i came here for the first time one year ago, as newlyappointed governor of the riksbank. a year passes quickly, and now it is once again time for me to summarise the past year and at the same time report on how the executive board of the riksbank views the prospects for the economy and inflation. before i begin, i would like to welcome the fact that the committee has decided to hold this hearing at a later date in relation to the publication of the riksbank's report. of course, this means i risk having to answer even sharper questions than usual, but it ’ s all in the line of duty. it is also important that these hearings are held under the best possible conditions. my most important message today is : • we have now begun to publish our own forecast for the repo rate. this means that we have taken a further step towards increased clarity and openness in monetary policy. • inflation rose last year, but was still below the target. one of the main reasons is the substantial productivity growth. understanding which mechanisms lie behind the strong productivity has been, and is, an important task for the riksbank. • the economic prospects are bright. economic activity is strong and resource utilisation is increasing. given this, we raised the repo rate by 0. 25 percentage points last week. • our assessment is that the repo rate needs to be raised by a further 0. 25 percentage points over the coming six months. after that we can probably pause a while before it is time for another increase. changes in the riksbank ’ s forecasting methods let me begin by saying something about a couple of new elements we have introduced in connection with the latest forecasting work. as you have probably already noticed, one change is that we are now for the first time basing our forecasts for inflation and the real economy on our own assessment of what constitutes a reasonable future development of the repo rate. previously, we based our forecasts on the assumption that the repo rate would develop in line with the expectations that could be read from the interest rates in the financial markets. prior to this, our forecasts were based on the assumption

jorgovanka tabakovic : success and development necessitate constancy and perseverance in work for present and future generations address by dr jorgovanka tabakovic, governor of the national bank of serbia, for the needs of the film about the 100th anniversary of the association of serbian banks, belgrade, 4 december 2021. * * * keynes used to say, “ i do not know which makes a man more conservative – to know nothing but the present, or nothing but the past. ” an anniversary – 100 years since the establishment and 100 years of development and operation of the association of serbian banks, is an opportunity to recall what we have been through, what we have learned and accomplished. however, it is primarily an opportunity to create conditions which will enable us to prepare better for the uncertainty awaiting us in the future. and this must be done already today. just as history remembers and celebrates the peoples with historic continuity, so the success and development necessitate constancy and perseverance in work for present and future generations. the association of serbian banks and the national bank of serbia are naturally interconnected and focused on cooperation. for this reason, on the 100th anniversary of the association of serbian banks, it is worth recalling a historical moment when the privileged national bank of the kingdom of serbia officially began to operate, more than 137 years ago. let us go back to the second half of the 19th century when the principality of serbia initiated the establishment of state institutions that had the most responsible mandate – the strengthening of a young state. one of these state - building institutions had to be the central bank. serbia became a kingdom in 1882 and already on 6 january 1883 the national assembly of the kingdom of serbia passed the law on establishment of the national bank. the law was signed by parliament speaker milan kujundzic - aberdar and minister of finance cedomilj mijatovic, while king milan obrenovic confirmed it with his signature. the privileged national bank of the kingdom of serbia started operating on 2 july 1884 as an institution assigned with central banking and issuing tasks, but it was also the source of favourable lending to businesses and government, and this was the foundation of strong financial and overall economic system in serbia. historically, the privileged national bank of the kingdom of serbia justified the opportunities of a small and open economy to design innovative solutions aimed at preserving the interests of the national economy, often in specific circumstances. and it remained thus to the present day