studies. in our institution, they become part of the team. we, at the national bank, teach young people to remain human. to keep their personality and always know the difference between submissiveness and respect for the hierarchy. they are taught to accept orders, to carry them out, to be superior, to be subordinate, but also that no authority comes without responsibility. that being loyal to a profession, vocation, institution, individual is as important as having knowledge, that there is a hippocratic oath for each profession, known as professional ethics. that it is initiative and hard work that will make us valued and appreciated by our co - workers, and that no one is irreplaceable. the national bank of serbia has become a pillar of economic stability, our ideas have been successfully implemented and defended many times, and that is why we wish to share our knowledge and experience with our young colleagues. but the doors of our institution remain open for all ideas which create new possibilities, for new objectives that shift horizons. it is only in this way that we will be ready to tackle new challenges. the national bank of serbia continues to organize summer practice for students of the final year of first - and second - degree studies, and by signing this memorandum today, on this day of spirituality and education when we are celebrating saint sava, the enlightener of the serbian people, we are ensuring the continuity and quality of this practice and cooperation, while taking it to a higher level. one could say that the signing of the memorandum on this particular day is just a coincidence, but i say that this is a blessing and a destiny that we are shaping for ourselves. bis central bankers ’ speeches thank you for your attention. i now give the floor to professor boricic. bis central bankers ’ speeches

need to rest with the fsa. but norges bank can make strong recommendations on how these instruments shall be used for macroprudential purposes. we shall seek very close cooperation with the financial supervisory authority to implement our macro prudential agenda. the nordic region is currently close to being a separate banking market, where non - nordic banks have small market shares. but branches with parents in other nordic countries have substantial market shares in all national markets. there is scope for fruitful cooperation between the nordic supervisory authorities. the countercyclical buffer proposal from the basel committee includes a prescription to that effect. it stipulates that the time - varying capital buffer targets shall be applicable to all banks operating in a jurisdiction, including branches of foreign banks. the home supervisor shall impose the buffer decision of the host supervisor. this is a step in the right direction, but differences in risk modeling will remain. there is hardly any good reason for different risk weightings on similar loans given by a domestic bank and a branch of a foreign bank. with these thoughts on central banks and macroprudential policies, i would remind you that we organize this conference hoping that we shall be able to take something useful away for our further work on financial stability. i would like to thank the program committee for putting together what looks like an engaging program. i wish all of you good luck and hope you shall have fruitful discussions in the next two days.