bostjan vasle : towards the green transition - investment and prices opening remarks by mr bostjan vasle, governor of bank of slovenia, at the conference " towards the green transition : investment and prices ", jointly organised by the european investment bank, ljubljana, 29 september 2022. * * * dear ladies and gentlemen, distinguished guests, it is my great pleasure to welcome you here at the conference on green transition jointly organized with our colleagues from the european investment bank. summer is officially over but this usually pleasant months were also marked by some very unpleasent facts. it was the hottest summer on record in europe and the third hottest ever globally. it was accompanied by a lack of rainfall, raging fires and receded rivers across the globe. this worsened the european energy crisis and global shortage of staple crops. the end of summer brings new discomfort. as the cold months approach, the key concerns are related to the security of energy supply high inflation and expected substantial slowdown in economic growth. * * * energy and food remain the dominant drivers of high inflation, although the high price growth has increasingly spread to other items as well in the eurosystem, we have responded by normalizing our monetary policy, first by abandoning net purchases of securities, and from july on, with normalisation of our key interest rates first increases after eleven years. we expect to raise them further over the next several meetings. my impression is that current pace is appropriate response to elevated inflation, and we should continue with it through next few meetings. but that is not the end of normalisation process. purchases programmes will have to be modified in order to support our efforts to reduce inflation. our response is critical to reduce inflation pressures and to avoid de - anchoring of inflation expectations and a possible wage - price spiral. * * * our policy, however, cannot address supply - side constraints. the covid - related supplyside disruptions and the russian invasion of ukraine exposed fragilities of our food and energy systems, and our high dependence on foreign supply of raw materials and technologies, including those highly important for green and digital transition. 1 / 3 bis - central bankers'speeches the reaction of many firms was an increase in inventories, which added fuel to rising prices. in addition to the diversification of our supply network, sustainable solutions require ramping up investments in renewable energy sources and other production capacities, and development of new, greener technologies and critical infrastructure. and the green transition itself will require significant

bostjan jazbec : reinvigorating credit growth in central, eastern and southern european economies opening remarks by mr bostjan jazbec, governor of bank of slovenia at the imf / bank of slovenia high - level seminar on “ reinvigorating credit growth in central, eastern and southern european economies ”, portoroz, 25 september 2014. * * * it is a great pleasure to welcome you all to the high - level seminar on reinvigorating credit growth in central, eastern, and south european economies organized jointly by the bank of slovenia and international monetary fund. it is indeed a great honour to have a very distinguished gathering of central bank governors and vice governors, senior officials of other international financial institutions, former public officials and leading academics to discuss a very critical issue that occupies the minds of policymakers in the region and elsewhere. the objectives of the seminar are to learn about the diverse experiences of different countries in the region and to exchange views on the policy challenges and possible responses. the appropriate policy responses necessarily are country - specific and must take into account the heterogeneity within the various sectors of the economy and the role of idiosyncratic and institutional factors. still, important lessons can be drawn from crosscountry comparisons. the presentations and discussion in the seminar will focus on four main themes : ( 1 ) repairing balance sheets in the financial system and the corporate and household sectors ; ( 2 ) the role of foreign banks in fostering credit growth ; ( 3 ) best practices for reviving credit markets and the pitfalls ; and ( 4 ) risks of a new financial crisis. i will now briefly touch on these themes in general terms. how the situation has changed! not that long ago, policymakers in central and eastern europe were concerned about the issue of rapid credit growth. a key question then was whether rapid credit growth should be seen as an endless boom or as an early warning. as we all know very well, the boom turned to bust abruptly in 2008. the turmoil in international financial markets and the consequent collapse in output in major developed economies also adversely impacted the countries in central, eastern and southern europe in varying degrees through a combination of the trade, financial and domestic demand channels. a fallout of the global financial crisis was balance sheet recession in the region. the rapid credit growth during the pre - crisis boom period was grounded in excessive borrowing and risk taking by banks and enterprises. banks relied heavily on external wholesale