the international environment is still marked with uncertainty as to the speed of fed ’ s monetary policy normalisation. another question concerns the duration of monetary accommodation of the european central bank due to faster than expected growth in the euro area. strengthening of domestic fundamentals – as a response to external challenges it is indisputable that external challenges have existed and will exist. however, what is important in the context of analysing overall developments is the fact that our economy ’ s resilience to shocks increased in the past period, including the readiness to respond to these shocks in a timely and adequate manner. a contribution certainly also came from fiscal performance, which was more favourable than initially expected – the surplus of 1. 2 % of gdp at the consolidated level was achieved in 2017 for the first time since 2005. positive fiscal trends continued largely on account of rising domestic demand and corporate profitability, labour market recovery and enhanced efficiency of tax collection. indubitably, a better fiscal result was achieved also on account of lower interest expenses both owing to the government ’ s diminished needs to borrow and monetary policy easing by the national bank of serbia. lesser government needs for funding were one of the factors leading to the sharp decline in the share of public debt in gdp of 10. 4 percentage points in 2017. the end of the year also saw the repayment of the due eurobond, issued in the international market in 2012, in the amount of usd 750 million, which reduced the level of debt and its dollar component. in the course of 2017, the country risk premium measured by embi declined considerably. given that embi global fell by 54 basis points last year and that embi for serbia fell by 147 basis points, it is clear that a portion of the decline in our risk premium was due to global factors, though to a larger degree it was determined by domestic factors as well. the preservation of macroeconomic stability, strengthening of domestic fundamentals and serbia ’ s more favourable growth outlook resulted in serbia ’ s risk premium falling below 100 basis points, for the first time on record. late last year, two rating agencies – standard & poor ’ s and fitch, upgraded serbia ’ s credit rating, with a stable outlook. the eighth review of the arrangement with the international monetary fund was also successfully concluded. in january, serbia ’ s risk premium fell to its lowest level on record ( 85 basis points ). a fall in the risk premium and upgraded credit rating of the country contribute to rising foreign investor

jorgovanka tabakovic : the importance of women and gender equality speech by dr jorgovanka tabakovic, governor of the national bank of serbia, at the conference organized by the official monetary and financial institutions forum, on the occasion of the launch of the global public investor gender balance index, london, 7 march 2018. * * * ladies and gentlemen, esteemed colleagues, 1. know thyself, 2. nothing in excess, 3. make a pledge and mischief is nigh. the inscription on the entrance of apollo ’ s temple in delphi with these three rules is the key to a successful life, if success is measured by satisfaction with oneself, and others ’ satisfaction with us. however, these three commandments are highly illustrative of the woman and her role in society today. what do we want as individuals, what is our accomplishment, what are we ready to sacrifice in achieving the selected objective, and is every sacrifice for the fulfilment of that objective necessary and justified? and do we know how to remain masters of our peace, our happiness, without promising too much because we are offered the chance to participate in the game? as the end of february is near and 8 march draws closer, the titles of high - brow world weeklies and magazines usually resemble one another. as a rule, the gist of these articles is centred around the difficulty of striking a balance between motherhood and career. why is the choice always or, black or white, career or motherhood, as i wish or not at all? balance is the key to success. a career or motherhood? motherhood is not inevitably a family. but family is both an obligation and support. how have we sacrificed family in favour of services? instead of solidarity within our homes, family and generations, we ’ ve got paid services – of childcare, care for our parents, care for the elderly. we now have lonely beings who, in a race for individuality and acknowledgment, have lost a measure and, thus, a clear objective for achievement. not all relationships are based on purchase and sale transactions. not everything can be bought. it is therefore necessary to preserve humanity, self - respect and the respect of others. being a woman is wonderful. being a mother is even more wonderful. i testify this with my experience with three grown - up children – two daughters and a son. they are good and educated people that i am proud of