is full of many successful examples, probably the most so far in the world history, of application of wide range of prudential measures, modifications in the standard set of instruments and implementation of nonstandard measures of monetary policy. the need of comprehensive risks monitoring in the economy and greater flexibility concerning the intensity and the type of measures, taking into account the ultimate monetary objectives, is probably one of the major lessons from the crisis. the economic theory clearly refers to the fact that the financial system is a relevant factor for economic growth, and the new message, clearly sent by the recent crisis, as the president of the bundesbank, weidmann, once said in one of his recent addresses, 1 is that there is a need of “ well designed regulatory reform ”. otherwise, a financial system which is developed and widely globalized today could become an obstacle for the economic growth. thus, even though the crisis is still present in our everyday life, the financial institutions have already been facing new banking standards, and the national regulators seek to incorporate them in the national regulation. the debt crisis in the euro area resulted in establishment of new fiscal framework of the european union and emphasized the need of fiscal consolidation. fiscal imbalances are not sustainable on a long run, which is a postulate that also applies to the countries of the region, particularly countries where fiscal consolidation is crucial for maintaining macroeconomic equilibrium. besides the experiences above, during the crisis we also gained many other experiences related to the market sensitivity, the promptness of market response to the changes arising from the development of crisis, and the slow reversible process of regain of confidence among market participants. lessons and experiences learnt from the crisis should help us face future challenges more successfully. jens weidmann, president of the deutsche bundesbank, keynote speech at the frankfurt finance summit, frankfurt, march 2012. bis central bankers ’ speeches conclusion please allow me to ascertain that this crisis broadened our perspectives, imposed new aspects of policy making, and increased our interdependence in the global economy. the south - eastern european countries which have been facing many challenges on their pathway to the european union will probably face new future challenges arising from the current conceptual shifts in the union. however, the countries from south - eastern europe should continue seeking to create sound macroeconomic policies, inevitably accompanied by structural reforms that need to ensure higher structural quality and structural flexibility of economies, which is a sine qua non not only for prompter

through basel iii – new capital and liquidity requirements are waiting to be implemented in practice. in addition, the euro zone has undergone tremendous changes in the institutional settings by the establishment of the single supervisory mechanism by the ecb, along with the single resolution mechanism and other accompanied ongoing or upcoming reforms. another area of reforms in the european union was the strengthening of fiscal and macroeconomic policy through the fiscal compact and accompanying macroeconomic surveillance mechanism, aiming at sound public finances and preventing from macroeconomic imbalances. what urgently came to our knowledge during the last crisis was the importance of the financial stability for the overall macroeconomic stability, but also the so - called “ doom loop ” between banks and sovereign that emerged from this crisis, adding yet another specific experience that we should all be aware of in the future. bis central bankers ’ speeches on the recovery process and sustainable growth the data since mid of the last year and the forecast for this year are pointing to an upturn of the global economy, although it is still fragile and surrounded by risks. the economic recovery of the european union is crucial for stronger revival of the region, considering the trade relations, although due to specific factors, countries in the region differ in terms of their position in the economic cycle. in 2013, the macedonian economy grew by 3. 1 %, mainly driven by the strong net export and the strengthening of private consumption in line with curbing down of the unemployment. in this view, it is worth mentioning the positive contribution of the new fdi inflows in tradable sector, which contributed to both higher and more diversified net export and higher employment. in addition, economic recovery was supported by the fiscal stimulus as well as the accommodative monetary policy stance. since july last year, the main policy rate is at the historical lowest level of 3. 25 %. moreover, during the crisis period, a combination of standard and non - standard measures have been undertaken by the central bank aimed to give additional support specifically to the credit growth and accordingly, to the economic growth, while still preserving the price and financial stability in the economy. the outlook for this year is also positive. we expect gdp growth of close to 4 %, and therefore we see economy going up on the cycle. what one can learn from our experience is the fact that the implementation of sound structural reforms can definitely move the economy upward – even during the crisis – that is an important message for the macroeconomic policy afterwards. when discussing the recovery from the