speaking of the challenges of an uncertain future, i would like to refer to morgan housel, who recently published his book same as ever where he says that instead of wondering what the future will be like in one, two or ten years, we should focus on things that will not change. and what will always be true is that there are no and there can be no shortcuts on the path to growth and development. i believe that the only path to sustainable growth in all conditions is through dedicated work, accountability for the decisions made, and readiness to implement those decisions, no matter how painful they might be. the realisation of the programme " leap into the future – serbia expo 2027 ", which president vui presented, will help us strengthen domestic growth factors and the resilience of our economy, which is why i will say one more time that we have raised our growth projection for 2025 and 2026, with the central value of 4. 5 %. and once again – no matter what we discuss during these three days, it will all be pointless if one part of our people does not have basic means of livelihood. no one has the right to deprive our people of their right to their own currency, or the right to live in peace. each and every person and institution must react in this case! we should bear in mind " government of the people, by the people, for the people "! thank you for your attention. i wish you all a fruitful 31st kopaonik business forum. 8 / 8 bis - central bankers'speeches

, which might warrant a faster pace of tightening, versus modest wage growth and inflation that has been below target for 5 years, but also new ones like, for instance, how the republicans ’ tax reform bill ( approved with a slim majority by the us senate following its approval by the house of representatives ), which could affect the projected interest rate path, particularly if it stimulates faster economic growth. 6. prospects for global capital markets in 2018 a few words now on prospects for global capital markets in 2018 based on our own predictions at the bank of greece. bond markets starting with the bond markets, the four - decades - long bull market seems to be coming to a close, and we expect interest rates to continue rising at the short and, to a lesser extent, at long ends, resulting in a flattening yield curve ( this is especially true for the us ). hence, 10 - year treasury note yields may gradually rise to 2. 7 % by end - 2018 [ today 2. 3 % ]. in the eurozone, the hunt for yield will remain strong, and alternatives to core government bonds, such as corporate debt, high - yield and european periphery bonds, should remain in big demand. we expect the german 10 - year bund to yield around 0. 7 % at the end of 2018 [ today 0. 33 % ]. foreign exchange markets the story of 2017 so far has been the weak us dollar versus a strong euro, as the euro area ’ s economy picks up, the ecb winds down its qe programme and political risks subside. however, us higher budget deficit, the prospect of accelerating growth and inflation and consequently further monetary tightening by the fed, would favour a stronger dollar, most likely in the first months of 2018. nevertheless, as soon as the ecb probably terminates its bond purchase programme towards the end of the year and possibly give rise to more formal talks about rate hikes, market participants could assume that the ecb will pursue a more restrictive monetary policy. as a result, the euro will pick up against the dollar towards 1. 22 ( today 0. 88 ) by the end of the first half of 2018. 5 / 8 bis central bankers'speeches finally, an expected range for the exchange rate of the sterling pound against the us dollar is between 1. 26 and 1. 36, while the euro against the sterling pound should be between 0. 86 and 0. 96 and against the yen could climb towards 140. 7. the dynamics