structural features. these tailor made measures proved to have ability for more effective monetary signals transmission, considering the additional impairments of the traditional transmission channels during the crisis. taking care about financial stability risks when conducting monetary policy, is one of the most important lessons learnt from the global crisis. in the highly globalized world, in practice, it means that we need to follow interlinks between domestic banking system and international financial markets in view of financing structure as well as its risk exposure considering traditional versus complex market products. countries of the region, with relatively large share of foreign ownership in the banking system, probably to some extent experienced certain deleveraging pressure on the group level in the past years that unavoidably affected domestic subsidiaries ’ behavior. strengthening of regulatory requirements and their implementation in practice, as well as restructuring processes of the bis central bankers ’ speeches eu banks hit by the crisis, impose additional challenges to the financial stability and the monetary policy, as well. on the backdrop of the lessons from the crisis and still fragile global environment, monetary policy should be designed carefully and implemented flexibly. besides the traditional transmission channels, we must be aware of the expectations channel as well as the risktaking channel. therefore, in implementing our policy measures within the targeting horizon we need to take into account the market expectation as well as the risk perceptions of the economic agents. a mix of standard and non - standard instruments, intensified communication with the public, a broad overview of financial stability risks and the effects of macroprudential regulation, regular monitoring of the external factors ’ potential spillovers to the domestic economy, are probably the best options for securing effective implementation of the monetary policy. although being far away from the acute stage of the crisis, the current global environment is marked with relatively weak and uneven growth outlook, especially in the advanced economies, which led to different paths of their monetary policy stance. while ecb has just started its large - scale quantitative easing program, fed is just about to exit the accommodative monetary policy stance. these contrasting growth prospects of the leading economies underpin the risk of global financial markets volatility in view of eventual rebalancing positions between the main world currencies. on the other hand, there is a group of emerging economies with better growth performances and prospects for the future, including the macedonian economy, which in the recent years has shown sound recovery, taking into account the significant ongoing structural changes in the economy as well as the fiscal space from the previous years

led a commonwealth secretariat team to mauritius to examine ways and means to dynamise the export of tradeable services. he concluded that mauritius needed to “ develop the ability to provide such specialized international financial services with the knowledge and skills set necessary to give it an added advantage in developing suitable financial derivative ( risk - hedging ) contracts for african securities markets …. and over time … … mauritius might develop the ability to offer and trade more sophisticated derivative contracts ….. ”. mistry provides the script for the derivatives play. we at the bank of mauritius consider the development of a futures market one of our priorities to further our financial sector development agenda, in collaboration with our sister - regulator, the financial services commission. the bank and fsc have a major role which – to stay in the theatrical world – may be likened to that of lord chamberlain – producer, controller and censor! so, here we are with all the elements falling in place : the stage is set ; the playwright ’ s script has been passed ; the lord chamberlain is watching over everything ; the players are busy rehearsing their roles and learning their lines ( which is what the seminar is all about ) ; and the curtain will soon go up. excited and expectant, i say to all of you : let the show begin. i wish gbot and all players every success in this endeavour. thank you for your attention.