another, more recent research ( liendrop at al., 2011 ) suggests that the overall level of transparency of supervisors in industrial countries is very similar to transparency of supervisors in emerging economies indicating to positive movements in emerging markets in the area in recent years. indeed, supervisors seem to endorse transparency. in 2006 the basel committee on banking supervision, in the basel core principles for effective banking supervision, first mentioned that supervisors should follow transparent processes. this means that supervisors should disclose their objectives and bis central bankers ’ speeches framework and be held accountable for performing their duties in line with those objectives and framework. the capital requirements directive iv ( crd iv ) stipulates that supervisors need to publish relevant information on the laws, regulations, administrative rules and guidance, information on options and discretions, the general criteria and methodologies used in the supervisory review and evaluation process, and aggregate statistical data on the implementation of the prudential framework, including the number and nature of supervisory measures taken and administrative penalties imposed. the european banking authority ( eba ) acknowledges the need for supervisory transparency and has set up guidelines for supervisory transparency ( cebs, 2010 ) intended to increase the transparency of supervisory practices and to enhance the comparability of national practices. furthermore, eba publishes relevant information of all eu countries on supervisory laws and regulations and statistical data on national banking sectors, risk indicators and supervisory actions. while the benefits of greater transparency in supervision are broadly recognized, the level of disclosure remains a challenging issue. this relates to the specifics of the supervision as it obtains sensitive information with respect to the state of individual banks that if publicly disclosed may affect its competitive position. given this, what one could expect is for supervisors to continue to increase transparency when it comes to the authority itself disclosing more information on the supervisory model and the methodology used to evaluate the risk profile of individual banks, while retaining their “ secrecy ” when it comes to sensitive information concerning individual banks. this should enable markets to better understand the supervisory actions, enhance accountability of the supervisors in front of the general public while protecting market - sensitive information. tackling the issue of board effectiveness, there is a growing consensus nowadays that welldesigned committee makes important prerequisite for qualitative decision - making in central banks. the role of the committee for sound policy making is probably best noted by warsh ( 2015 ) in his observation that “ monetary policy is made neither by rule nor by discretion. it is made by committee ”. the

dimitar bogov : seventy years of central banking activities in the republic of macedonia speech by mr dimitar bogov, governor of the national bank of the republic of macedonia, at the ceremony of marking 70 years of central banking activities in the republic of macedonia and order award by his excellency dr gjorge ivanov, president of the republic of macedonia, skopje, 19 october 2016. * * * honorable president of the republic of macedonia, your excellency, dr. gjorge ivanov, distinguished members of parliament and representatives of the government, honored excellencies, esteemed guests, ladies and gentlemen, it is my pleasure and honor, on behalf of the national bank of the republic of macedonia and on my own behalf, to express my sincere gratitude to his excellency, the president dr. gjorge ivanov for the high recognition he has awarded to the national bank tonight. i would also like to thank all of you for being present at the celebration that marks this great anniversary. it is a great honor to be awarded the “ order of merits for macedonia ” by the head of state, in the year when the national bank celebrates 70 years of central banking activities in the republic of macedonia. this award is a great recognition for the overall work of the national bank. it is strong confirmation of the enormous contribution of the bank to the state all these decades – as a central institution of the monetary system and a key pillar of macroeconomic stability. these 70 years, the national bank has gone through various stages of transformation and evolutionary development. it has operated in various systems of social and political order. over the years, it changed both its name and address. it has gradually acquired competencies and built its functions. with the constitution of independent macedonia and the declaration of monetary autonomy, it established itself as an institution – carrier of the functions of a modern central bank. today, i can proudly say that the national bank has grown into a modern and highly professional institution, enjoying credibility domestically, and appreciated and recognized internationally. the national bank has been maintaining price stability in the macedonian economy for 20 years through a stable exchange rate. the inflation rate in the past 20 years has averaged about 2 %, which is a level comparable to developed countries, placing us among the most successful economies in transition. the financial stability has been successfully maintained by promoting sound, safe and competitive banking sector that successfully defy risks and delivers robust credit growth. by achieving these two legally delegated objectives, the national