in the world economy. a communication strategy must be developed and implemented to promote and market slovenia as an attractive fdi destination. in parallel, steps should be taken to ease regulatory and other barriers that currently inhibit investment. * * * * bis central bankers ’ speeches small and medium - size enterprises ( smes ) play a very important role in the slovene economy and their financing must not be ignored. it would be necessary to increase the absorption of foreign resources for supporting smes. the slovene financial institutions responsible for final credit delivery should develop new financial instruments for start - ups and young fast - growing enterprises, and explore methods for attracting higher volume of venture capital investments from foreign sources. * * * * i would like to conclude by asking “ what have we learnt from the financial crisis ”? maybe you know the famous quote : “ there is nothing new except what is forgotten. ” the cover of the special issue of bancni vestnik has reminded us the lesson from history : “ no more credit excesses ”. let us not forget this any time soon. bis central bankers ’ speeches

bonds in the bonds of the countries most exposed to rising yield spreads. if fragmentation were to worsen significantly, we have other options, such as adjusting the existing instruments or launching new ones when this is needed to secure monetary policy transmission along the path of policy normalisation. [ structural changes ] this brings me to my last point – structural challenges, including those brought about by climate change. both society and our financial system are facing some structural shifts and challenges. some of the drivers of past deflationary pressures have lost steam, such as global trade liberalisation and the reliance on the existing global supply chains. at the same time, some structural inflationary factors are gaining momentum, namely the green transition, strengthening of the eu ’ s strategic autonomy and the reorganisation of global supply chains with possible nearshoring. there will still be some deflationary forces at play, such as rapid digital transformation, other forms of innovations and elevated debt levels, but there is a question as to what extent these factors could overcome the inflationary forces. in the medium term it therefore seems possible that inflation will settle at higher levels than we have observed in recent years, even after the existing supply shocks fade. [ climate change considerations ] regarding the green transition, the primary role here lies with governments, as they have the power and democratic legitimacy to adopt legislation that compels industries and individuals to act sustainably. in addressing climate risks, there are also areas where central banks can and should contribute. climate change is already affecting our economies and thus price and financial stability, which lie at the heart of central banks ’ mandates. this urges us to take climate - related considerations into account in the conduct of monetary and eventually macroprudential policies, and in the supervision of banks. in july last year, the eurosystem central banks concretised our commitments and adopted a roadmap on climate - related actions. regarding monetary policy, we agreed to analyse the inclusion of climate - related factors in macroeconomic modelling and in the implementation of our monetary policy, more specifically the collateral framework and corporate asset purchases. regarding our own investments that are not related to monetary policy, banka slovenije is increasing its share of green and other sustainable bonds. we also abstain from investing in firms in the tobacco and arms industries, and firms causing major environmental harm. we plan to further enhance our socially responsible investment framework by setting targets that are even more ambitious. next year we will start measuring and reporting carbon footprints,