jorgovanka tabakovi : 150 years of the serbian dinar speech by dr jorgovanka tabakovi, governor of the national bank of serbia, at the opening of exhibition " 150 years of the serbian dinar ", belgrade, 21 december 2023. * * * ladies and gentlemen, dear colleagues and associates, dear friends, it is on rare occasions that one feels such pride. privileged to bear witness to a century and a half of history and tradition. honoured to attempt to fortify and further elevate such long history and defiance of numerous challenges with one's actions, words and aspirations. welcome to our house, the national bank of serbia, on this – i can safely say – historical event, when we celebrate 150 years of the serbian dinar as the national currency. there are few nations in the world that can boast the fact that they have had their own currency for a century and a half. it has long been known that in addition to the traditional symbols of statehood – the coat - of - arms, flag and anthem – the spirit and strength of a state are also made of its tradition, culture and the national currency. how long these symbols of statehood last shows how young or how long - lasting a nation is, how stable and how resilient it is. they are also a mirror of history and an achievement of a nation, having a critical importance to the nation's sovereignty and image in the world. to have a stable and solid currency of your own is perhaps more relevant today than ever before. in an environment of continually increasing uncertainty, amid a series of crises that have overlapped over the past four years, the global economic and financial landscape has been permeated with the interests of major powers. the globalisation process we have known for decades has taken a different turn, and the most influential economies are trying to gather around them groups of countries that dictate economic flows. the instruments in this fight include strengthening national currencies, as well as attempts by some groups of countries to create a supranational, common currency. against such backdrop, it is necessary to preserve the independence of monetary policy and decision - making which directs domestic economic flows. for two centuries, the world of global finance has been familiar with the statement : " give me control over a nation's money supply, and i care not who makes its laws. " this clearly shows that the strength of a country in the economic, as

where cooperation will be much needed to face our common challenges such as financial stability, digitalisation and the regulation of bigtechs, as well as the challenge of green finance. in a context where the multilateral order is being put at risk, let me express the wish that the uk, together with the eu, may resolutely strive to renew multilateralism. on our side of the channel, our collective response to brexit may possibly be a further integration of europe, with the new and promising commission led by ursula von der leyen, rather than isolationism or paralysis. europe should build on its most valuable assets : the euro, which is celebrating its 20th anniversary this year, the single market and its shared social and environmental model. ii. making the digital leap with lucidity let me now turn to our shared common challenges. digitalisation is shaking up the way we live and consume, opening up a world of possibilities for corporates and customers alike. worldwide, it clearly represents both an opportunity and a challenge for banks, as well as for supervisors. new players are becoming increasingly important. fintechs do not have the capital resources to disrupt incumbent banks and can even be acquired by them. by contrast, bigtechs do have the potential to fundamentally redefine financial intermediation : they have strong brand recognition, a 1 / 4 bis central bankers'speeches worldwide customer base and privileged access to cutting - edge technologies. this new situation is a major challenge for regulators and supervisors. of course, financial regulation should remain technologically neutral : the basic principle “ same activity, same rules ” must apply. this is a good thing for the level playing field. however, beyond traditional financial regulation, international cooperation should be developed in four areas, four cornerstones of the regulation of digital finance. first, cybersecurity is a sine qua non for a reliable and sustainable digital future. it was a clear priority of the g7 french presidency this year. second, regarding data protection, financial supervisors and authorities in charge of privacy have to invent new ways of cooperation to address data issues that have become central to financial services. third, regarding competition and anti - trust policies, situations where “ the winner takes most ” while staying outside the scope of financial regulation should be adequately anticipated and addressed. and fourth, fair taxation, thanks hopefully to oecd work. “ stable coin ” projects, including facebook ’ s libra, are a case in point. “