number of activities in this segment. almost two years ago, we made our first data transfer of the annual accounts - stock to eurostat, and in april last year, we prepared detailed data on the flow of assets and liabilities for the government sector, which is one of the key components in compiling spreadsheets for the excessive deficit procedure ( edp ). the project activities will be aimed to further improving of the quality of this statistics, especially given that its first release is scheduled for next year. for us at the national bank, the achievement in the fourth component - research, knowledge and skills in policy analysis - will be of immense importance. emphasis will be on assessing the relationship between real and financial cycles and identifying the implications of financial factors for the economic fluctuations in the macedonian economy. this topic has been particularly relevant since the outbreak of the global economic crisis, and undoubtedly, analyzing it will improve the recommendations of decision makers. distinguished guests, it is a great pleasure for us to partner with the central banks of germany and croatia in delivering such a large and significant project. i thank them for being part of this project and for supporting us in the process of european integration. i also thank the central banks of belgium, lithuania, portugal, romania and the netherlands who have also accepted to support our way towards european values. i believe in the not too distant future we will be partners not only in implementing projects, but also equal partners in the creation of european standards in central banking. finally, let us remember what robert schuman said in the 1950 declaration, “ europe will not be made all at once, or according to a single plan. it will be built through concrete achievements which first create a de facto solidarity. ” i hope that the achievements we make during the project delivery will reaffirm our readiness to be active and beneficial participants in the further construction of europe. thank you for your attention. 2 / 2 bis central bankers'speeches

anita angelovska - bezoska : macedonia – current macroeconomic developments, medium term outlook and challenges ahead speech by ms anita angelovska - bezoska, vice - governor of the national bank of the republic of macedonia, at the ministerial dialogue on the preaccession economic programs on eu candidate countries, european commission, brussels, 9 july 2013. * * * dear ministers, dear representatives of the european commission, european central bank and eurostat, at the beginning, let me express our gratitude to the european central bank, european commission and eurostat for their contribution in assessing our preaccession economic program for the period 2013 – 2015. within the pep we already presented the proactive role of the national bank of the republic of macedonia in dealing with the global crisis consequences, by undertaking a mix of conventional and unconventional measures, aimed at maintenance of the price stability, financial stability, as well as stimulating economic activity. i will use this opportunity to point out several issues regarding the current macroeconomic developments, medium term outlook and challenges ahead. the latest available data on macedonian economy for the first quarter of 2013 indicated a gradual revival of the economy with real annual gdp growth of 2. 9 %, slightly higher than our expectations, being mainly driven by the investment and net export. generally, macedonian economy has been relatively successful in offsetting the crisis consequences which was mainly due to the solid initial conditions prior to the crisis without massive macroeconomic imbalances, the establishment of few new production capacities based on foreign capital that largely contributed to the export diversification, stable and sound financial system and adequate macroeconomic policy mix. the environment for monetary policy implementation in 2013 is quite favorable, considering relatively stable inflation developments and comfortable foreign reserves level. in the first half of 2013, the average inflation was 3. 6 %, mainly due to higher food and energy prices. our latest forecast for the average inflation rate in 2013 is 2. 8 %, with expected further slowdown to 2. 3 % ( close to our historical level ) in 2014, until when no pressures of higher significance by the demand side are being expected. however, there are risks related to this forecast, reflecting the uncertainty about energy prices as well as the world and domestic food prices dynamics and their direct and indirect pass - through to inflation. the performances in the external sector in the first several months of 2013 and the latest estimates indicate quite favorable position in the balance of payments for this year. the reduced trade deficit is neutralizing the lower