us here today are the representatives of “ credit agricole ”, “ societe generale srbija ” and “ findomestic bnp paribas ” and i would like to use this opportunity to greet them. french entities are relatively new to the serbian insurance sector. we expect much of them, especially as the local insurance market has great potential and needs drivers to kick off development. to bring this industry closer to contemporary international standards, the national bank of serbia has drafted and adopted new, modern regulations. i would also like to welcome the representatives of “ societe generale osiguranje ” and “ axa osiguranje ”, while recalling that the first greenfield license issued by the national bank of serbia in the insurance sector was granted to a french investor – “ credit agricole ”. today, french capital is present in the agent and broker network of the insurance industry as well, through “ gras savoye ”. in the field of financial leasing, we have “ sogelease ” and “ ca leasing ”. as a result of market consolidation in our voluntary pension funds sector, “ societe generale ” is no longer engaged directly in the provision of these services, but remains present in this segment, providing custody services to all voluntary pension fund management companies through its commercial bank. bis central bankers ’ speeches i believe that each of the above names is in itself a guarantee that the national bank of serbia has created a good investment environment in all financial services coming under its remit, by generating legal certainty for setting up and doing business and by contributing, through its supervisory activities, to the strengthening of the market and ensuring better protection of all participants, consumers and investors alike. as most of the representatives of these financial institutions are also active in the foreign investors council, they can confirm that we were most cooperative in drafting current regulations to our mutual satisfaction. this is the standard of work i set out to achieve when i became governor of the national bank of serbia, and it is the standard to which i will adhere in the future. i believe the best results can only be achieved through coordinated efforts, which will be continuously adjusted and enriched by our mutual practical experience. on the other hand, i feel quite certain that, when in the role of consumers of banking, insurance, leasing or voluntary pension funds services, members of the french - serbian chamber of commerce who are active in the area of industry and agriculture fully appreciate the work and the results of the national bank of serbia

sector. in times of economic crisis, continued access to finance for small businesses is essential. they are at the heart of the economy. development finance must operate counter cyclically, which means fighting the credit crunch around the globe, in particular in emerging europe including southeast europe, and that is exactly what efse does. but apart from this financial dimension, efse is still taking on other roles in contributing to financial sector development in southeast europe : we appreciate efse ’ s role as a responsible investor. as such, efse promotes responsible lending practices in the region, refraining from promoting consumer lending or speculative activities. why is this crucial for financial sector development? the financial crisis was in part caused by irresponsible lending practices, in particular by credit technologies employed in the subprime market, the very origin of the current crisis. against this background, there is indeed the valuable lesson to be learnt that responsible finance is a must to ensure a sound financial system. last but not least, i am proud to say that i, as well as my other colleagues from the central banks of the efse partner countries, are all members of the efse advisory group. as such, we are involved in efse ’ s work. but it is more than a sole advisory board, serving efse as an information source to stay abreast of financial sector developments in the region from a policy maker ’ s perspective. it provides a platform for regional exchange on financial sector issues. thus, it is a crucial vehicle to strengthen integration and cooperation in southeast europe, which in these current times of turmoil has never been so important. no southeast european country has the resources or the means to make it out for the current crisis alone. thank you for your attention.