, there is a lot of work to be done to resolve issues from the past financial crisis. at more than 11 percent of total loans, npls continue to burden the balance sheets of banks. in this respect, adoption of new bankruptcy legislation at the entity level and clarification of tax - treatment of npl sales will help address this issue in the period ahead. 3. third, we should redouble our efforts to improve our institutions and address governance shortcomings. foreign direct investment is stuck at around two percent of gdp per year. this is too low to support higher growth rates that will reduce unemployment and emigration. improvements in regulatory quality, fair and transparent ‘ rules of the game ’, and transparent and accountable institutions will help attract higher levels of foreign investment. therefore, we have to send clear message about positive outcomes of our reforms, increase reputation of bosnia and herzegovina, improve our competitiveness to increase investments and growth, and at the same time strengthen the single economic space to finally pave the way to our european future. thank you very much for your time, and i hope that you have a wonderful event.

of 11. 68 % year - on year, is now back in a significant declining trend of 2. 78 % in 2009 and 3. 91 % in april 2010. this development is mainly supported by rupiah exchange rate appreciation trend and adequate supply side responses. the balance of payments is also well maintained. the current account and capital account still record a surplus, contributed to a sizeable reserves accumulation of around us $ 78 billion in april 2010, in line with the exchange rate appreciation trend. meanwhile, the banking industry and the domestic financial market also showed a sound performance despite, as i previously mentioned, some pressures during the peak of the crisis brought about mainly by liquidity scarcity perception, and as an impact of flight to safety phenomenon. those pressures in the indonesian financial market was caused by an increasing money market interest rate spread, high exchange rate volatility, as well as the increase of government bonds yield along the curve. all of those indicators have recently returned to their normal pattern. what indonesia has achieved so far shows that various measures taken by the indonesian authorities can be reasonably considered effective. the fiscal and monetary stimulus employed in measured manner has helped the economy to endure from external shock. the various policies were mainly aimed at maintaining confidence to cope with panic and fear of scarce liquidity, and preserving domestic purchasing power. however, we noticed that there were some doubts, in particular from foreign investor, with regard to the strength of the economy and the efficacy of the policy that has been taken. this clearly shows from the significant increase of credit default swap ( cds ) during the peak of the crisis. that perception was somewhat understandable since the situation was extremely uncertain, such that there was unclear on how the impact of the crisis would be into any particular country. from those experiences, there are at least two important lesson learned. firstly, it has highlighted the more crucial role of transparency with regard to the economic fundamental information and macroeconomic policy rationality. secondly, it is important to preserve the consistency of prudent macroeconomic policy. on the later, it will be very challenging recently as the policy trade - off has significantly increased. with regard on how indonesia was dealing with the recent global crisis, indonesia has actually employed all that has been learned from a painful 1998 crisis. ever since, the 1998 crisis has brought structural changes in indonesian economy and financial system, and more importantly in political structure. indonesia was transformed into one of the largest democratic country in the world. indonesia after more than a decade