financial education programs or through corrective measures against financial institutions, has been and will remain a priority of the cbk in the coming years. * * * as far as internal developments are concerned, cbk has also continued during 2022 with the advancement and development of its professional capacities in all areas of its operation. despite the created situation and not very favorable conditions in the international markets, the central bank of the republic of kosovo has managed to maintain its financial stability and good performance of the institution, generating a positive financial result. cbk remains committed to continue its activity in the service of the stability and development of the country's economy, creating the conditions for the development of a stable financial infrastructure, in line with contemporary developments in this field, including the development of new segments of the financial system such as the capital market, which requires extensive interinstitutional cooperation. * * * finally, allow me, in my personal name and on behalf of the central bank of the republic of kosovo, to express my sincere thanks to the valuable staff of the central bank of kosovo and to thank them for their work and dedication in carrying out their work duties during this period. thank you and stay healthy! 5 / 5 bis - central bankers'speeches

the deficit in 2014 came about as a result of the greater adjustment made at the central and local government levels, since most of the regional governments exceeded the targets set. the budgetary improvement was also the consequence of a similar - sized contribution by revenue and public spending ( once the impact of the financial assistance to the banking system is stripped out of spending ). the tax take progressively picked up during the year, in step with the cyclical improvement and the change in the composition of gdp. in turn, the budgetary consolidation measures and the cyclical improvement in the economy have brought about a decline in the public spending / gdp ratio, largely owing to the improvement in spending once interest on debt is discounted. interest payments as a proportion of gdp held at a similar level to 2013, despite the significant decline in the treasury ’ s financing costs, owing to the increase in public debt. the public debt / gdp ratio rose in 2014 to 97. 7 %, thereby meeting forecasts. the latest updated stability programme ( which confirms the deficit targets to 2017 ) presages a continuing increase in debt this year to 98. 9 % of gdp, with a reduction commencing in 2016, although the better growth now projected for 2015 may improve these projections. bis central bankers ’ speeches private - sector deleveraging secondly, there has been headway in correcting private - sector indebtedness. spanish household debt stood at end - 2014 at 71 % of gdp, 10 pp above the euro area average, when in 2010 we were 20 pp above it ; non - financial corporations ’ debt stood at the end of last year at 92 % of gdp, 8 pp above the euro area average, when in 2010 the gap was 35 pp. in the coming years, the nominal growth of the economy will make for a readier adjustment and will ease the pressure still exerted by past debts on new financing flows. indeed, new lending was seen to expand in 2014, and this has continued into the opening months of 2015. labour market and competitiveness thirdly, some of the most visible and significant features of the current phase of recovery are the high rate of job creation and the reduction in unemployment by almost half a million people during 2014. the pick - up in employment is partly related to firms ’ greater capacity to adapt their working conditions to the cyclical and competitive situation. this environment has helped usher in a period of wage moderation and an adjustment of relative costs relative to the euro area as a whole, which largely