flat and enable enterprises to purchase new equipment. everybody does well if the saving and credit scheme runs smoothly. 2. economic growth by 3. 5 % in 2009 is very challenging indeed! lower economic growth implies lower income, and in case of no decline in spending, a higher than currently planned growth of 1¾ % in consolidated budget deficit will automatically follow! hence, it is of utmost importance that we design a set of measures to be implemented in case economic growth turns out to be lower than planned for the period ahead. 3. proving that serbia is different than other countries in the region. serbia was the first country in the region to seek financial arrangement with the imf as a precautionary measure. this proves that we are a responsible state and wish to implement transparent economic policy under the imf umbrella. this is certainly a point in our favour and will prove useful in serbia ’ s attempts to remain an attractive foreign investment destination in the near future of extremely cautious capital spending and restrictions on investments. thank you for your attention!

shut down and new ones should not be opened? does it mean that a healthy economic development of our country should be slowed down or prevented? most certainly not! this is why we need to enable uninterrupted development, but one that is greener – and all of us must participate in this and start doing our share of the work. growing environment sustainability problems that we increasingly face have become visible everywhere around us. these are global challenges, posed particularly to future generations. hence, it is no surprise that environmental challenges have been the focus of global leaders ’ attention over the past years. economic policy makers are also devoting more and more attention to this issue. voices are getting louder in recent years. they emerged in europe, then in the usa, and now 1 / 3 bis central bankers'speeches they are roaring from asia, too – they are calling not only for awareness raising, but for action in greening the planet as well. from economic and financial perspective, this implies rewarding projects aimed at reducing carbon use and increasing reliance on alternative sources of energy. more specifically, an efficient method is sought for sanctioning, from the financial market perspective, toxic emissions in production and processing. the transformation to a “ green ” economy has numerous, scientifically confirmed advantages. it is expected to be the key engine of sustainable global growth in the medium and long run. depending on the region where they operate, financial markets have developed new, “ green ” instruments ( such as “ green ” bonds ). the purpose of these instruments is to increase the level of financial flows towards “ sustainable ”, environmentally friendly projects. “ green ” bonds are gaining in popularity, not only because of their importance for mobilizing funds for environmentally acceptable industries, but also because of the numerous benefits they offer to both issuers and investors, while having positive final effects on the general population. a well - known example is that of germany which decided to issue “ twin ” green bonds, with the same characteristics as the conventional bonds. to ensure price equality, they committed to performing the so - called switch transactions – exchanging one bond for the other. central banks worldwide also took action. some central monetary institutions have already adjusted their strategies and goals ( and many are planning to do so ). thus, in addition to targeting low and stable inflation, the bank of england recently decided to update its remit to include support to environmentally sustainable growth. environmental objectives were also included in the ongoing monetary strategy review by the european central