, depending not only on the economic environment, but also on the public interest and trends in the communication and information networks and media, which, due to the development of technology and digitization, are changing, advancing and improving on a daily basis. the constant strengthening of transparency, that is, the promotion and development of communication with the public, including media, is a challenge for the national bank of the republic of macedonia. we work diligently to respond to the challenge, while paying attention to the two points of communication – immediate communication with the public and communication with the media. we do our best to follow the best practices of the european central banking union, which is largely confirmed with the assessments of our transparency. in doing so, we not only struggle to increase intensity, but also quality of our communication. here i would mention the practice of constantly improving the quality of information and analyses we publish, improving the methodological explanations for the statistics that we publish, timely informing of all novelties in statistical surveys, improving the structure of our website, concurrent publishing of statistics and statistical press releases for their explanation, providing international comparability of our data through continuous implementation of international standards. in this regard, we are in the final stage of creating an analytical tool for easier access and search of statistics by all external users. we hope that our commitment is noticeable for you as media representatives, who analyze our work on a daily basis, by following the press releases, data and positions that arise from the central banking operations in the country. for us, you, the journalists, are one of the main conveyors of monetary policy messages to the public. not as our spokespersons, but as individuals and professionals respected by the public, who daily follow our work, which is very often presented in tables, graphs, reviews and data series that almost always require focused reading and analysis before being commented. the same focus is required for our reports, where even footnotes contain important data that 2 / 3 bis central bankers'speeches ensure analytical and studious rather than only informative reporting. accurately and precisely communicated or analyzed data is crucial for timely and professional information to the public. unfortunately, even unintentionally inaccurate or incomplete communication or analysis of central bank data and views, especially in times when the information / news are transmitted at the speed of light, can create undesired environment for the economy, especially if it creates an unreasonable panic among the public. comprehensive and thorough communication requires understanding of many methodological aspects

to oblivion, as it became clear that bringing policies through surprises and isolated steps cannot have a lasting effect on the economy. the financial market liberalization made the monetary policy effectiveness increasingly dependent on market expectations for the interest rate policy, which additionally raised the need for developed central bank communication with the public to the degree of necessity. as an illustration of the central bank communication in the past, and what it is today, i would remind you that the world ’ s largest central bank – the fed, publicly announced the decision on interest rates for the first time in 1994. today, it seems unreasonable 1 / 3 bis central bankers'speeches for a central bank not to announce its decision on the interest rate. the recent global economic crisis has once again affirmed the necessity of developed communication and transparency and has been an incentive for many central banks to ensure proactive approach in promoting their transparency. today, as the ecb president, mario draghi, emphasized, “ the central bank communication is actually a monetary policy tool in itself ”. besides the numerous monetary instrument innovations aimed to stabilize the financial markets and encourage the economy, central banks have begun to struggle to improve the quality and quantity of communication of their measures, including their future measures. namely, the central banks not only tried to better explain the measures they took and the reasons for doing this, but also reported on the future measures ( monetary policy set - up ), which is an important novelty in the central banking operations. why is all this necessary? effective communication will enable all economic agents to better understand the reasons and the goal, and thus encourage their proper behavior for achieving the goals. unclear or poor communication, in turn, may jeopardize the achievement of the underlying goals, since central banks do not directly influence the goals, but should influence the behavior of economic agents to achieve the goal. for example, the central bank cannot directly influence inflation, but through its measures – reducing the interest rate, or increasing liquidity in the economy – can stimulate banks to improve the financing terms, but also borrowers to increase demand, which will move the demand for goods and services in the desired direction and achieve the inflation target. empirical research in the central banking community does confirm that, globally, the central bank communication is key to maintaining a low level or reducing inflation and in many cases even reducing instability in the real economy. communication is an ongoing challenge for central banks. it is undisputed that effective central bank communication will always be marked by certain flexibility and adaptability