we are rightly speaking more often about the importance of the transformation of economy which is based on ecologically sustainable foundations, i. e. we are talking about the concept of green transformation. mitigating climate risks is a global task, because the risk is shared. however, it is particularly important for countries whose growth relies on the economic sectors which are more sensitive to climate change, such as agriculture, forestry and water management. from central bank's point of view, i would like to say that we are aware that climate risks do not come from the financial area, but we are also aware of their impact on numerous areas of social life. this also affects the financial system, which is not isolated from people and economy. on the contrary! this is why investing in environmental, social and corporate governance ( esg ) is becoming more widespread. however, i believe that we all agree that the overall concept of the green economy is complex, and that concepts, methodologies and data are still in the process of standardisation. therefore, the process of its implementation in the local framework must be gradual. how gradual depends on conditions in the domestic market, but also on the policies pursued in regional peers, because, as i have already stated, we share climate risks. in addition, although " green and digital " are and must be among the priorities of policy makers in this century, the key priority remains " safe and stable ". because, without stability, there can be no sustainable investing, which we recognise in serbia. even during the two pandemic years, as well as during 2022, which was marked by the ukraine conflict and the global energy and food crisis, serbia achieved excellent results : the unemployment rate has been reduced to a single - digit level and is on a downward trajectory. during the three crisis years ( from 2020 concluding with 2022 ), serbia's real economic growth will be around 9 %, fixed investments – around 12 % and personal consumption – around 9 %. moreover, during the three crisis years, fdi inflow to serbia will reach around eur 11 bn, while exports of goods and services will amount to around eur 38 – 40 bn, i. e. around 63 % of gdp. gdp per capita will reach close to eur 9, 000 in 2022, whereas, for example, in 2012 it was around eur 4, 700. also, in september 2021, serbia issued the first green instrument, thus becoming one of the few

cross - border securities transactions. 4. lessons of the recent market turmoil turning to more recent events, the emergence of structured products, where the creditor is separated from the debtor by a complex financial infrastructure that transforms and repackages the underlying asset, might create significant legal challenges and this might become an important concern in the light of the recent market turmoil. who pays if debtor a defaults, in case his debt has been repackaged by bank b, sold to the non - bank intermediary c and finally to investor d? these are legitimate questions that need to be addressed carefully. but answers have to be given if the uncertainties surrounding the current environment are to vanish. as you know, a number of policy initiatives have been launched at the global level since the summer, for instance by financial stability forum 5 or by the porto informal ecofin 6 and it is still difficult to anticipate precisely the legal aspects which will be examined more particularly by the various international and european fora and bodies involved in this discussion. however, these initiatives provide an indication of possible legal considerations which might emerge, in particular in the european context. legal certainty should go hand in hand with transparency. the focus on the transparency of complex financial instruments, of institutions and vehicles and on the appropriate disclosure of information on securitised debt and other structured financial products indicates that there is a need for regulatory and supervisory authorities to have a closer look on the legal frameworks applicable to securitisation transactions and market standards and how special purpose vehicles are currently regulated and supervised in the various eu member states and at also at the international level. the report of the european financial markets lawyers group ( efmlg ) of may 2007 on legal obstacles to cross - border securitisations in the eu 7 contains recommendations for further convergence of securitisation laws in the eu and invites the commission to consider the adoption of a eu directive on specific legal aspects of securitisations which would enable member states to adopt a certain number of principles common to all jurisdictions to ensure a high level of transparency, efficiency and legal certainty with regard to securitisation transactions. 8 see financial stability forum, fsf working group on market and institutional resilience, preliminary report to the g7 finance ministers and central bank governors, 15 october 2007, available at : http : / / www. fsforum. org / publications / publication _ 24 _ 88. html. the informal ecofin of porto considered that