radovan jelasic : promoting achievements, inventiveness and commitment in serbia speech by mr radovan jelasic, governor of the national bank of serbia, at the promotion of the tv serial “ big small business ”, directed by olivera milos todorovic, belgrade, 30 january 2008. * * * ladies and gentlemen, i warmly welcome the idea of a tv serial promoting achievements of small businesses in serbia, and still more so, promoting what seems to be the key to success – determination to take life into one ’ s own hands, inventiveness, commitment and unrelenting effort to improve yourself and achieve more day after day. i am sure that the stories of those who mustered the courage to quit their jobs in state enterprises and venture out into the world of private business will encourage many people in serbia to do away with the deep rooted belief that the state is bound to provide each and every person with a well - paid job, and that all you have to do is wait long enough for the employment bureau to call you. i hope these stories will encourage them to have confidence in themselves, to trust their intelligence, ability and creativity, just as the protagonists of this tv serial did and, finally, made it. it is a particular pleasure for me that the author, shockart production and television studio b, supported by the european agency for reconstruction, decided to show that there are positive processes in our society that lead to change and better life. in this respect, the media have a special role, both in terms of education and social responsibility. unfortunately, nowadays we are flooded with examples of the worst things in our society, as if there were nothing else in serbia apart from political intrigues, financial affairs or deaths and accidents. it is clear that most of the media focusing on these topics are only looking for higher rating or circulation figures. it practically boils down to the following : the more you slander, often even by publishing the most disgraceful lies, the easier it is to beat your competition. i am convinced that much of our people ’ s discontent – regarding both the speed of change in the society and one's perception of chances of success in the process of transition – is media shaped. in such an environment, tv serial “ big small business ” seems more valuable as it shows that right here, although not shown in the media, there is quite a different serbia, represented by individuals who are daring and know how to work, create

received exclusively from state bodies ; the laws need to be amended as “ states will be states ” and our government can easily change its stance at one time or another, i. e. the amount of money it decides to transfer to local government bodies ; 2. local government bodies should have stable sources of income and not depend on the current supply - demand situation. however, the sources of income are specified by the state and governed by its legislation. for example : “ remuneration for building plot development ” would bring rsd 13. 8 billion versus “ income tax ” which would bring rsd 2. 7 billion into the state coffers so the state needs to amend its laws and local government bodies to specify a different source of income as their main source of revenue ; 3. audited annual financial reports – transparency of operations – within the sole authority of the city ; 4. efficient market of government securities should be within the sole authority of the state. but let me to prove to you that this issue is equally important to the nbs as it is to the local government bodies by saying that the nbs shall take all necessary measures within its sphere of competence to achieve maximum results to this effect. potential investors in these securities, i. e. voluntary pension funds and insurance companies have been eagerly awaiting the placement of such securities on the market. and money is plentiful! rsd 91 billion has been invested by banks in nbs securities and rsd 22. 4 billion in government bonds. hence, it is not always necessary to think in terms of borrowing in foreign financial markets as we are awash with dinar liquidity which could be invested in high quality dinar securities at market interest rates. but before we can set up and develop the market and begin investing in securities, everybody concerned needs to do their homework and do it well. thank you for your attention!