fehmi mehmeti : the international arbitration recognized the fair decision of the central bank of the republic of kosovo speech by mr fehmi mehmeti, governor of the central bank of the republic of kosovo, at a press conference, pristina, 19 november 2022. * * * honourable representatives of the media dear citizens, thank you for your participation in this press conference. i am pleased to share with you today very good news for the republic of kosovo and in particular for the central bank of the republic of kosovo. as you are aware, the republic of kosovo has won the case of international arbitration against the financial institution iute credit. iute credit microfinance institution was registered on 27 october 2017, with which registration it is authorized to carry out financial activities of granting loans. through its licensing policy, the cbk continuously aims to provide the best possible conditions for access to finance in kosovo, enabling the operation in our financial market only of institutions that contribute to the stability and development of the financial system and, consequently, the sustainable economic development of the country. during the period of operation of iute credit in kosovo, this institution has continuously deviated from the business plan, based on which it had received the license to operate, thus bringing to our market something different from what it had promised. in accordance with the duties and responsibilities related to the supervision of financial institutions, the cbk has conducted two examinations focused on this institution on its compliance with the operation in addition to the business plan approved at the time of registration by the cbk. cbk's examinations had identified a series of major violations, and that the interest rates applied by this institution are beyond any standard, be it even if we compare them with the projections of this institution, or in relation to the loan interest rates that are applied from other financial institutions in the country. this deviation was contrary to the legislation in force, and with its activity, it had endangered the solvency of the borrowers and thus presented a risk to the financial stability of the country. based on the violations identified by successive examinations, the executive board of the cbk, on 6 december 2019, based on the powers guaranteed by article 36 paragraph 1, sub - paragraphs 1. 11 and 1. 12, as well as article 67 paragraphs 1 and 2 of the law on the central bank of the republic of kosovo, as well as in accordance with article 105, paragraph 1, sub - paragraph 1. 10 of the law on banks

the united states — has declined to half a percent. 3 that ’ s about 2 percentage points below the average natural rate that prevailed in the two decades before the financial crisis. a striking aspect of these estimates is that they show no signs of moving back to previously normal levels, even though many advanced economies have fully recovered from the crisis. this poses significant challenges for monetary policy. when interest rates are low, central banks don ’ t have much room to maneuver to deal with a crisis. they will only be able to cut interest rates by a small amount before they hit zero — or as economists call it, the “ zero lower bound. ” of course, central banks can, and have, used negative rates to stimulate growth, but they bring with them a separate set of challenges. the result is that future recoveries will be slow, and slow growth is usually characterized by low inflation. persistently low inflation creates a vicious circle, where expectations of low inflation drag down current inflation. if inflation falls, central banks will have even less room to maneuver when faced with a slowdown. 4 a fresh approach all this begs the question : what can we do to prepare ourselves and our economies for the next 2 / 3 bis central bankers'speeches crisis? there ’ s no single silver bullet that can solve these challenges. but changes to monetary, fiscal, and other economic policies could all help us become more resilient. starting with monetary policy, central banks should reassess their strategies, goals, and the tools they use to achieve them. 5 this might include things like reassessing how we achieve our 2 percent goal. outside of monetary policy, there are a number of ways fiscal policy can support an economy. one is to strengthen the “ automatic stabilizers, ” which, in a downturn, reduce taxes without legislation to stimulate growth. another is to use regulation to enhance financial stability. finally, fiscal and other economic policies can attack the sources of slow growth and low r - star directly. demographics are not an area where most economists, or policy makers, want to meddle — and i ’ m certainly not going to stand here and say people should stop living so long! but there are things we can do to improve long - run growth. these include raising public and private investment in human and physical capital, infrastructure, and science and technology, as well as removing barriers to participation in the labor force and the economy more broadly. it ’ s impossible to predict the future. but we can