sector. in times of economic crisis, continued access to finance for small businesses is essential. they are at the heart of the economy. development finance must operate counter cyclically, which means fighting the credit crunch around the globe, in particular in emerging europe including southeast europe, and that is exactly what efse does. but apart from this financial dimension, efse is still taking on other roles in contributing to financial sector development in southeast europe : we appreciate efse ’ s role as a responsible investor. as such, efse promotes responsible lending practices in the region, refraining from promoting consumer lending or speculative activities. why is this crucial for financial sector development? the financial crisis was in part caused by irresponsible lending practices, in particular by credit technologies employed in the subprime market, the very origin of the current crisis. against this background, there is indeed the valuable lesson to be learnt that responsible finance is a must to ensure a sound financial system. last but not least, i am proud to say that i, as well as my other colleagues from the central banks of the efse partner countries, are all members of the efse advisory group. as such, we are involved in efse ’ s work. but it is more than a sole advisory board, serving efse as an information source to stay abreast of financial sector developments in the region from a policy maker ’ s perspective. it provides a platform for regional exchange on financial sector issues. thus, it is a crucial vehicle to strengthen integration and cooperation in southeast europe, which in these current times of turmoil has never been so important. no southeast european country has the resources or the means to make it out for the current crisis alone. thank you for your attention.

some time been positively assessed by international financial institutions and rating agencies. let me remind you that recently – in march to be precise – moody ’ s raised serbia ’ s credit rating. during the assessment, the agency took into account all of the results achieved in terms of reducing imbalances and achieving macroeconomic stabilisation, as well as the results of implementation of the dinarisation strategy and the resolution of non - performing loans. the risk premium, which since the start of the year has fallen in serbia more than in the neighbouring countries, touching its ten - year low, also reflects the growing confidence in the serbian economy. in addition, the projections of key macroeconomic indicators for serbia prepared by relevant institutions run close to our forecasts. they also assess that inflation will move within the target tolerance band both this and the next year, and expect further acceleration of gdp growth similar to our projections. all the above factors indicate that our economy is now much more capable to respond to challenges – which is an additional incentive to us to preserve the stability we have ensured and to continue with structural reforms and improvements in the investment ambience. you may rest assured that the national bank of serbia will continue to closely monitor and assess the developments and tendencies in the domestic market and the international environment. as so far, we will continue to apply all available instruments in order to maintain low and stable inflation in the medium run, which, combined with the preservation of financial stability, will contribute to economic growth on sustainable grounds. thank you for your attention. i now give the floor to my colleagues.