honoured, i am pleased to be here with you today to discuss and hear about a very important topic for our country's economy, and i would like to thank the american chamber of commerce for the invitation and to express my high considerations for businesses and their role in the country's economic development. i believe that the topic of this conference is very good because it comes at a time when the banking sector has made great progress in improving the conditions for sustainable financing of the economy, namely businesses. * * * kosovo's banking sector in recent years has considerably increased its role in financing the economic growth in the country, accelerating the loan growth rate, and significantly reducing loan interest rates. easing the lending standards and reducing the loan interest rates have served as important incentives for increasing loan demand, resulting in an annual loan growth of 11. 6 per cent in october this year. this indicates that access to finance, which has long been reported by businesses as one of the main barriers to their business development, is now undergoing continuous improvement. this can be noticed by the growth in lending to the sectors of the economy which in previous periods had a more limited access to banking financing. according to the latest data of october 2018, the loans granted by the banking sector to businesses are in the amount of eur 1. 7 billion which, compared with the same period of five years ago, has increased by 45 per cent. the lending structure by economic sectors has started to improve compared to the previous periods, although there is room for greater diversification of the loan portfolio in favour of the sectors that have the greatest potential to generate faqe 1 nga 5 economic growth. currently, about 50 per cent of total loans issued to enterprises are represented by loans to the trade sector. during this year, the agricultural sector and the manufacturing sector were among the sectors with the highest increase of loans received. however, the total amount of loans granted to these sectors continues to be low. the share of manufacturing sector in total loans to enterprises in october was 13 per cent, while loans to the agriculture sector accounted for about 4 per cent of total loans. since today's topic is related to the role of the banking sector in the country's economic development, i would like to emphasize the fact that the greatest support to these sectors of the economy, but also to the other sectors with the greatest potential to generate economic growth, is indispensable in order to have a more sustainable economic development. however, we are also aware

klaas knot : mamma mia, here we go again? lessons from silikon valley bank and credit suisse speech by mr klaas knot, president of the netherlands bank, at the eurofi high - level seminar 2023, stockholm, 28 april 2023. * * * hello everyone. yesterday was king's day in the netherlands. the day we celebrate the birthday of our king. having a monarchy is one of the great many things the dutch and the swedes have in common. our king's day is a national holiday with flea markets on every square, music and beer in the high streets, and the entire country dressed up in orange to celebrate. and every year i think to myself : " mamma mia, here we go again. " this thought also crossed my mind a few weeks ago, when the most recent episode of market turmoil started – with the failure of silicon valley bank and the fall of credit suisse. but are we actually'going again '? alfred nobel provides some wisdom to answer this question. he said : " one can state, without exaggeration, that the observation of and the search for similarities and differences are the basis of all human knowledge. " in saying this, he captured exactly what we need to do in case of turmoil, in case of a new shock to our financial system. of course, every shock is unique. but often, there are similarities. and often, there are differences with previous shocks. and it is up to us to distinguish between them. to draw on lessons learned for what is similar. and to look for new lessons for what is different. we have learned a lot from previous shocks. they allowed us to identify vulnerabilities in our financial system. and we have been able to strengthen our resilience and stability as a result. so far, no shock has been the waterloo of our global financial system. but we need to remain vigilant. we need to remain diligent, in mapping, measuring and monitoring vulnerabilities. old and new. so let's put the super trouper on the most recent episode of market turmoil, and take a closer look at what happened, what vulnerabilities were exposed, and what lessons we can learn from similarities and differences with the past. 1 / 5 bis - central bankers'speeches roughly a month ago, on the other side of the atlantic, silicon valley bank failed. the reason for this was a classic