requirements for banks must be weighed against any costs the countercyclical capital buffer imposes on the economy. several analyses, such as those conducted by the basel committee on banking supervision, suggest that higher capital requirements will not give rise to considerable, permanent economic costs in the longer term. 3 in the short term, higher capital requirements may result in somewhat lower growth in credit and overall gdp. analyses conducted by norges bank using norwegian data find similar patterns. 4 when credit growth is strong, a higher buffer requirement may restrain the build - up of financial imbalances. but if capital requirements are raised too quickly, the result may be excessive credit tightening. the level of the buffer must therefore be considered in the light of other capital requirements. norway could be among the first countries to apply the countercyclical buffer. growth in credit and in house prices in norway has been high for a long period, and credit has reached a historical level relative to gdp. in view of this situation, banks must make extra allowance for the risk of an economic setback. banks have taken due note of the requirements and are in the process of adjusting to them. discussions with market participants suggest that an expected countercyclical buffer has been included in banks ’ long - term adjustments. basel committee on banking supervision, “ an assessment of the long - term economic impact of stronger capital and liquidity requirements ”, august 2010. http : / / www. bis. org / publ / bcbs173. pdf. for an updated collection of references to studies of the costs and benefits of macroprudential regulation, see annex 1 in imf working paper wp / 13 / 167, by arregui et al. “ evaluating the net benefits of macroprudential policy : a cookbook ”, july 2013. http : / / www. imf. org / external / pubs / cat / longres. aspx? sk = 40790. 0. for further detail and references, see norges bank papers 1 / 2013. bis central bankers ’ speeches capital requirements and monetary policy the countercyclical capital buffer and the key policy rate are two instruments serving different objectives. the objective of the countercyclical capital buffer is to increase banks ’ resilience to losses in a downturn. the primary objective of monetary policy is low and stable inflation. the key policy rate is set with a view to keeping inflation close to 2. 5 percent over time without triggering excessive fluctuations

financial stability and depositors'interests amid heightened uncertainties in the international market. easier, faster, more accessible and secure financial services i am moving on to the third topic – easier, faster, more accessible and secure financial services. banks in the republic of serbia are an important link in the digitisation process as well, especially in the part of services they offer to users. there are certainly two important reasons for that : 1. the necessity of adapting to the needs of users, as well as 2. a stimulating and modern legal framework for the provision of financial services in the republic of serbia. what do the data tell us, are improved financial services being used? the fact that in 2022, compared to 2021, the number of transactions via m - banking increased by 26 %, and 3 / 5 bis - central bankers'speeches the number of card and e - money transactions for the purpose of online purchase of goods and services increased by over 34 % says that bank clients are quickly embracing innovations in the field of financial services. innovations are particularly present in payment services, where serbia is forging its own path, as in many other areas. i will remind you that the national bank of serbia was one of the first in europe, four and a half years ago, to establish a system for instant payments, which executes around 150, 000 transactions daily on average. with the system for instant payments, the national bank has provided banks with infrastructure through which they can upgrade their mobile applications with new services. an example of this is the transfer service – where just by selecting a name from the contact list in your phone or by entering a mobile phone number, you can easily and simply transfer funds to whomever you want. there are many other features of the national bank's instant payment system, such as the possibility of paying monthly bills by simply scanning the nbs ips qr code or paying bills at brick - andmortar and online points of sale. these new features that we have provided save time, which is an extremely important resource. our system for instant payments is not only a modern but also a cost - effective infrastructure for cashless payments, which has numerous advantages over card payments at points of sale, such as : simple implementation on the acceptance side, possibilities of using different acceptance solutions, not only pos terminals, or lower fees for merchants compared to card payments with foreign card brands. recently, the first newsstands in the country made it possible to accept instant payments,