anita angelovska bezhoska : how to make capitalism work for all speech by ms anita angelovska bezhoska, governor of the national bank of the republic of north macedonia, at the imf / wb constituency meeting, skopje, 22 june 2019. * * * distinguished prime minister, ministers of finance and other respective representatives of government institutions, governors of central banks and other respective representatives of central banks, executive directors, vice presidents in world bank group directors in international monetary fund, professor zingales, delegates of the constituency, excellences, fellow colleagues, representatives of the media, at the very beginning, let me say how honored we are to have the opportunity to host this important gathering of our constituency. sixteen years have passed since the last meeting of the constituency in skopje, and we are delighted to have all of you with us here during these three days. by a twist of fate, i recently came across a book that i have not seen since my early youth days ; a book that starts with a very powerful notion – “ happy families are all alike ; every unhappy family is unhappy in its own way ” – you might recall tolstoy ’ s “ anna karenina ”. few days after, while searching for the most recent discussions on the matter of capitalism, inequality, wealth distribution, i read an analytical piece where the author cited the same quote, linking it with all the different modalities of inequality, as a symbol of the global unhappiness. standard metrics on inequality point to a widespread and rising phenomenon. it obviously underpins the rising populism, that reflects the dissatisfaction with the system that does not create equal opportunities for everyone, a system where reward is not merit based, i. e., system that gradually evolves into a crony capitalism. against this background, i have no doubts that we have chosen the perfect spotlight for this constituency meeting. let me shortly use the historical lenses – what questioned the sustainability of capitalism and led to marxism was the stagnation of wages and concentration of wealth in the early phases of industrial revolution. it gave ground for rising inequality, and as thomas pikketty, the so - called “ modern marx ” reveals in his book “ capital in the twenty - first century ”, the only exception from this rising trend of global inequality is the period as of 1914 until 1970s, as a historical outlier. indeed, actual data does indicate rising income inequality since the 1980s onwards almost across the board

rules of operation of payment systems in the european union. in this way, we expect to increase the reliability and efficiency of payments and the acceptance of non - cash payment instruments, simultaneously ensuring gradual compliance with the requirements for integration into the single european payment area – sepa. finally, let me once again welcome our guests, the experts from the czech republic, who will pass on the czech experience in the realization of the decade - long eu project – the establishment of the single european payment area – sepa. i believe that today ’ s panel discussions will encourage all stakeholders in the national payment system of macedonia in creating realistically achievable integration initiatives in the area of cross - border payments in euros, which would open new opportunities for macedonian companies and citizens for effective and cheap payments in the economic exchanges with the european union. bis central bankers ’ speeches