banks : restoring market function and confidence, ” remarks at the panel session “ monetary policy boundaries : alternative instruments and policy coordination ” at the money and banking conference sponsored by the central bank of argentina on sept. 1, 2009, available online at http : / / www. boj. or. jp / en / type / press / koen07 / ko0909a. pdf. if a decision maker ’ s confidence is “ contaminated ” or eroded in the sense that he / she thinks, though with a small probability ( say ε ), that he / she is ignorant about the situation he / she faces, his / her rational behavior can be described as “ maximin ” optimization. in the maximin optimization, he / she is particularly sensitive to the worst - case scenario. see, nishimura, k. g., and h. ozaki ( 2006 ), “ an axiomatic approach to εcontamination, ” economic theory, vol. 27 ( 2 ), pp. 333 - 340. also, the fed expanded swap lines with other central banks to enable other central banks to provide further dollar liquidity. a significantly longer duration of liquidity - provision operations helped to substantially reduce financial institutions ’ fear over procuring longer - term liquidity. the expansion of counterparties and collateral eligibility secured them new no - risk funding sources, that is, central banks, to partly alleviate a lingering fear of counterparty risks in money markets. i think no additional words are needed about their put - option characteristics of the asset purchase programs. looking ahead : no free umbrella against plain old rain clearly, central banks ’ provision of catastrophe insurance measures has worked quite well, together with various governmental measures of similar characteristics. 4 immediate dangers have subsided, though we are still facing a possibly bumpy adjustment process after the collapse of the “ credit bubble ”. in order to look ahead, the following two points should be kept in mind. first, these catastrophe - insurance measures are in fact “ free ” insurance. beneficiaries of these measures do not pay fair, or, in many cases, any premium for these hedges. rather, central banks and governments implemented these measures against the “ unusual and exigent ” circumstances of contagious confidence erosion. thus, the measures were to be temporary. a permanent provision of such free put - like options obviously distorts the market mechanism and prompts undesirable risk taking or “ moral hazard. ” to

jorgovanka tabakovic : strategic analysis of serbia ’ s position and perspectives of recovery speech by dr jorgovanka tabakovic, governor of the national bank of serbia, at the kopaonik business forum 2016 “ catching up and convergence with leading trends : how to fix up the main fractures of the system ”, organized by the serbian economists association and the association of corporate directors of serbia, kopaonik, 8 march 2016. * * * esteemed members of the diplomatic corps, members of the government, fellow economists, businessmen, ladies and gentlemen, allow me to extend special greetings, and i shall presently explain why, to prime minister mr vucic and the representative of the serbian academy of sciences and arts, mr vladimir kostic. two years ago at this gathering i spoke of temporariness and of divisions, the two long - standing drawbacks of the serbian people identified long ago by isidora sekulic. and look at us today – mr soskic is moderating this panel, i am at the speaker ’ s stand, many of my fellow economists, at one time in government, yet at other in opposition, we are all gathered here. it is so because we are on the right path to overcome the divisions between us and to ensure continuity for the serbian people, as mr vladimir kostic phrased it in his first tv appearance that i had the opportunity to watch. “ when young people are leaving “, i apologise for imprecise quoting, “ i feel sorry not because they are leaving, but because they burn bridges behind them ”. since everything we do, we do it for the sake of the people, for the people and with the people, our first task is to help the person who is prepared to make unpopular political moves and to gather us all, to give credit to everyone who deserves it, without a touch of conceit, a credit for even the slightest contribution to the wellbeing of us all and the serbian people whom we represent, in whatever office we may hold. i am very honoured to be participating in our work today, now, and at this particular place. traditionally, these annual gatherings give us an opportunity to analyse what was achieved thus far and to listen to new ideas on how we can attain our common objective, that magic word – sustainable economic growth. this time last year we all hoped that measures which at that moment had been in place for a few months only