to be predictable and consistent in delivering low and stable inflation in the medium term. as the key risks in the monetary policy pursuit still emanate from the international environment, the nbs will continue to closely monitor and analyse movements in the international financial and commodity markets and assess their impact on economic developments in serbia. allow me to conclude by saying that our economic policy has made the economy more vital and capable of addressing the market challenges we had faced in the past and those that lie ahead. serbia is now a country where doing business and finding a job is easier and the living standard is rising on sustainable grounds. of course, further improvements are still possible, first and foremost by means of structural reforms which will sustain a further rise in investment, competitiveness, profitability and employment. this will enable us to preserve the achieved results and respond to future challenges. i will end my introductory address here and give the floor to my colleagues from the department for economic research and statistics to present a detailed analysis of the current developments and our latest macroeconomic projections.

benoit cœure : interview in le parisien interview with mr benoit cœure, member of the executive board of the european central bank, in le parisien, conducted by mr matthieu pelloli and published on 11 february 2016. * * * you never see it in france, you won ’ t get it from an atm and most shops don ’ t accept it … nowadays, how can the ecb justify the existence of the €500 note? banknotes are an important means of payment in the day - to - day lives of europeans. originally, the €500 note was issued in response to a number of euro area countries wanting a euro banknote that corresponded to the highest - value note in their former national currency. it ’ s true that it ’ s very rarely used in france, but it is used more in other euro area countries, both as a means of payment and as a store of value. wasn ’ t a new series of banknotes launched recently? is this under way? or envisaged? the second series of euro banknotes is currently being introduced. new €5, €10 and €20 notes, which have even better protection against counterfeiting, have already been introduced and can be found in people ’ s wallets. the higher - value notes will be introduced gradually. a european commission draft document denounces “ the strong demand for €500 notes from organised crime ”. the head of the european anti - fraud office ( olaf ) recently called for the €500 note to be removed from circulation for the same reasons. what is the ecb ’ s position on this? historically, these notes have enabled private individuals to make large payments in a convenient way. but this argument has become increasingly less relevant with the development of electronic payments. further, the competent authorities increasingly suspect that they are being used for illegal purposes, an argument that we can no longer ignore given the importance of the fight against money laundering and terrorist financing. mario draghi recently declared before the european parliament : “ rest assured that we are determined not to see these high - value notes become a tool for criminals ”. is the ecb preparing itself for some radical decisions regarding the future of the €500 note? we are actively considering this issue and will take a decision soon. you are a member of the ecb ’ s executive board. what ’ s your personal position? i find the arguments in favour of keeping the €500 note less and less convincing. among the