serbia is implementing a responsible and sustainable economic policy. this would help serbia to adjust to changes in the international environment at the lowest cost and to become more resistant to potential external shocks. the nbs is cautious in monetary policy easing, aware of the risks emanating from the international environment – the weakening of global liquidity brought about by the abandonment of unconventional monetary policy measures by central banks of developed countries and the tightening of geopolitical tensions. as negative effects of the above risks on the country ’ s risk premium and foreign trade flows have failed to materialise and the financial market has responded positively to the announced economic policy measures of the new government, the nbs cut the key policy rate to 9. 0 % at the may meeting with the aim of stabilising inflation at a low level. finally, allow me to emphasise that we are obliged to take responsible measures and implement reforms in order to resolve the problems that we face. this is the only way in bis central bankers ’ speeches which we can create a healthy and prosperous economy that we aspire to – an economy characterised by low inflation, a stable financial system and high employment. thank you for your attention. bis central bankers ’ speeches

, it also can translate into higher productivity. in this context, the government, being an important employer, can lead by example and provide the possibility of more flexible working to the civil servants. flexible working allows female employees to better balance their work and family life. especially in the case of single mothers, flexible working can be decisive in whether to work or not. ladies and gentlemen, as i mentioned earlier, the decision of whether or not to participate in the labor market depends to a great extent on its opportunity costs. individuals balance the income from work against other sources of income or any costs involved. in this regard, the system of taxation might act as a disincentive to work. as in most countries, the second earners in married couples are taxed more heavily than single individuals, discouraging their participation. this is especially the case in the middle income groups. hence, the government should consider reforming the tax system so that it becomes more attractive for the second earner to join the labor force. for many women, the decision to participate in the labor force also depends on the availability and affordability of childcare facilities and public transportation. for example, in the tourism industry, where working hours are irregular, these two factors play an important role. in curacao, childcare is still relatively expensive and in most cases not available in the evening hours. public transportation is also a challenge for those travelling in the evening hours or from one side of the island to the other. both the government and the employers can take actions in these areas. for example, employers could provide childcare facilities to their employees, either for free or at reduced costs. the government could also stimulate employer support of childcare through tax incentives. as for public transportation, several hotels on the island provide transportation to their employees. however, i believe that government as the provider of public goods should be responsible for providing public transportation that is safe and accessible at all times. therefore, a reform of our current public transportation system also is crucial to increasing women ’ s participation in the labor force. bis central bankers ’ speeches ladies and gentlemen, with over 200 employees, the central bank of curacao and sint maarten is an important employer on the island. i can proudly say that our female staff is highly educated, reliable, and very committed to their work. for that reason, more than 50 percent of our staff is female and, over time, its share has been increasing. also, many women are