maja kadievska - vojnovik : global, european and macedonian developments in the area of payment systems and services speech by ms maja kadievska - vojnovik, vice - governor of the national bank of the republic of macedonia, at the ninth international conference on payment and securities settlement systems, ohrid, 6 june 2016. * * * dear ladies and gentlemen, it is with great pleasure and honor to welcome all of you to the ninth conference on payment and securities settlement systems this morning in ohrid. this year, again, the national bank of the republic of macedonia, in cooperation with de nederlandsche bank and banco de portugal, continues the tradition in organizing international conferences in the domain of payment and securities settlement systems, thus enhancing the awareness of the importance of development of the payment systems and services for the national economy and beyond. therefore, allow me to use this opportunity to express my gratitude and appreciation to de nederlandsche bank and banco de portugal, as well as their esteemed representatives, for this fruitful collaboration and the privilege to continue this traditional cooperation in the future. in addition, we in the nbrm are very pleased with the presence of the representatives of the central banks of the countries of central, eastern and southeastern europe, and the participation of the countries of the black sea and the middle east region, as well as those of the northern africa. the growing interest for attending the conference confirms once again the significant contribution of the conference to the enrichment of the knowledge and exchange of experience of the representatives of the central banks in regional and international frames. nevertheless, the conference would not be a unique treasure of knowledge and experience, if it did not include the representatives of the domestic financial system and the payment service providers, which by their continuous active participation and involvement in the panel discussion, contribute to the thematic comprehensiveness of the conference. the conference will cover the latest developments in payment and securities settlement systems, as well as payment services on global, european and national level. in the global context, mr klaus lober, the esteemed expert from the european central bank, will elaborate on the new developments in the area of implementation of the pfmis, work on retail payments, cyber security, digital innovations and correspondent banking. these are very important issues for central banks given that we also promote the safety and efficiency of payment, clearing and settlement, thereby supporting financial stability and the wider economy. in addition, the developments in the compliance area regarding the

the national bank in ensuring price stability and the stability and efficiency of the financial system in the country, as well as strengthening the capacity of the national bank in meeting the challenges that lie ahead on the road to the accession of the republic of macedonia into the eu. let me discuss briefly the results and significance of the project in relation to the further operation of the national bank. the first and most important benefit of the project is the set of relevant findings of the experts on the existing gaps, and the recommendations for their overcoming within time frame and resources needed. in this regard, the needs analysis report will be the basis for strategic planning of the national bank and for setting the future strategy for joining the european system of central banks and the eurosystem. with great pleasure i would point out that in the report, the nbrm is regarded as a professional, independent, technically efficient and strategically oriented institution, and in some areas of central banking it is noted that it already operates in accordance with eu and escb standards. also i am pleased to say that some recommendations that were given bis central bankers ’ speeches during the project have already been implemented, which encourages me to confirm our strong commitment for implementing and applying the recommendations given in the report. i would like to assure you that depending on the nature of the recommendations, some will be implemented in a short period of time, while others will take more time and additional technical and human resources, and of course, further technical assistance in terms of experience and knowledge of the ecb and the national central banks of the eu. it is the creation of opportunities for further cooperation that i consider the second important benefit for the national bank from the implementation of this project. namely, the project involved a number of experts from various areas of central banking from the ecb and from 11 central banks of the european system of central banks. in the past nine months they had intensive communication and cooperation with their counterparts in the nbrm and conducted a total of 16 assessment missions within which they unselfishly transferred their whole experience and knowledge. the implementation of the project, further contributed to increasing the awareness and knowledge of the nbrm staff in the relevant eu regulations, standards and practices applied by modern central banks. hence, i would especially like to emphasize the future prospects of our mutual cooperation that will hopefully continue in the same spirit and will further deepen. finally, let me once again emphasize my satisfaction and give the credit for the successful implementation of the project, to the resident