as of the next year financial institutions will have to disclose earnings of all members of their management and executive boards in their annual reports, b ) when the nbs provides financial support to such institutions, this will not only result in cutting wages of members of management boards ( german example ), but will also set the scene for their dismissal, and c ) we have strengthened significantly the role of internal audit in all financial institutions within the remit of the nbs. all of the above topics, such as transparency, responsible operations, provision of information and education, can be grouped under one common heading “ socially responsible behaviour ” and will be of key importance for the recovery of financial markets both in the west and in serbia. banks and financial institutions will have to take full responsibility for their products and services because i feel quite certain that the generous financial packages now offered by governments and central banks will undeniably cease in the near future. and they ought to cease. otherwise, it will be clear that we have learnt nothing from the past few weeks and that we lack social responsibility.

too high. it is for a reason that i am not referring only to economic measures, because this outcome is the result of coordinated measures of all policies, including those in the health sector. it was schopenhauer who said two centuries ago that “ health is not everything, but without health, everything is nothing. ” without people, there is no economy. serbia is an example of a country which, for the sake of protecting people ’ s health, successfully implements vaccination, confirming in this area too its solidarity and commitment to promoting regional cooperation. it is for the people that policies are designed and implemented and, again, it is the people who design them. the outcome in serbia which i spoke about is largely attributable to the policy of president vucic who will not be at the forum, but who is nevertheless the first on the list of the people who contributed to such results. esteemed participants of the business forum, the covid - 19 pandemic lasts longer than we expected. it is more resilient than anyone could have predicted at its onset. mr vlahovic, you stated in the invitation letter that “ under the impact of 1 / 8 bis central bankers'speeches covid, theoretical approaches to the conduct of economic policy have also changed ”. new fancy slogans have emerged, such as “ the new beginning ” or “ the great reset ”. however, not even the pandemic has changed the fact that stability is the key precondition for the sustainability of growth and for all topics on your agenda – from infrastructure and investment to digital economy and creative industry. you mr vlahovic also raised the question whether the covid - 19 crisis has taught us any new lessons. one of the conclusions around which a consensus has emerged is that the countries whose policy makers worked well before the crisis were better equipped for a stronger and faster crisis response. this is why i will speak about three topics today : 1. how we entered the crisis 2. what we did and achieved during the crisis, and 3. what lies ahead of us i believe that the first two topics form an unbreakable whole with the third one – because experience and results are the only starting point for making conclusions on how to move forward. let ’ s not forget – had it not been for the aid packages, the “ starting point ” for the panels you are about to take part in would be significantly different. how we entered the crisis? ( slide 4 ) in