this accurately : “ many fought for the freedom and beauty of this land, yet everyone pillaged it and hated it. there is nobody who would make it his homeland and farmland to be cultivated for its own sake. the balkans is one vast cemetery of different lordships and civilisations. ” the very same history is cautioning us today, and it is speaking to us in a loud voice. that is why stability is the key word for all decision - bearers and decision - makers, and stakeholders in the public, economic, political and any other life. for years we were witnesses to short - sighted illusions of positive movements – unrealistic wage increases and growing debts with no grounds or footholds. the situation in public finances was becoming critical. individual gain outweighed the common, state interests. it was up to us to make sure that this is never repeated. in economies which are not experiencing growth, spending in advance and projecting an improvement in the standard of living is not sustainable, yet reforms are implemented because 1 / 5 bis central bankers'speeches of people, therefore we must also take into account the social dimension and sustainability of reforms. we realised that the long - standing irrational focus of the domestic economy on consumption had to be replaced by an investment and export - oriented use of financing sources, both domestic and foreign. today, it is investment and net exports, broadly dispersed across economic sectors, that drive the growth of serbia ’ s gdp. i am pleased that we have managed to regain the confidence in institutions, in the bearers of economic policy, in the domestic currency. this is attested by the results we achieve within our arrangement with the imf. it is also attested by the number of investors interested in dinar securities. yet another proof of that is serbia ’ s advance on the world bank ’ s doing business list. what we have achieved commits us to persevere in this. what was one of the major problems we faced? over the last decade, the relationship between monetary and executive authorities could be defined by the phenomenon of “ competitive decadence between the west and russia. ” it was a relationship of superiors and subordinates, a relationship where everyone wanted to have the victors and the defeated, where everyone took part in the tug - of - war. you may be familiar with this phenomenon in practice as the “ prisoner ’ s dilemma ” – the larger the personal contribution, the lower the potential for cooperation. we had competitions, instead of coordinating activities to

and whom i respect. being a successful woman, a satisfied women and a mother who shows that these two things can go together – this is the best way for motivating others. as a woman governor who comes from beautiful serbia, i have chosen for today ’ s event the following topics : 1 ) the issue of vertical advancement, 2 ) the issue of the first promotion, 3 ) the dilemma what the legislator can do, and 4 ) of course – the implementation of gender equality in serbia, with a focus on the financial sector. issues of vertical advancement in terms of the corporate ladder, it is hard to explain why women ’ s participation at the top of the ladder narrows. this cannot be explained either by the choice of the profession or the purported “ lack of ambition ” among women. women ’ s participation in the total number of students 1 / 3 bis central bankers'speeches graduating from management colleges is increasingly higher each year. however, the number of women in managerial positions does not follow this rate. the situation in serbia is similar. more girls graduate from universities than their male colleagues. more women complete phd studies than their male colleagues. still, this does not influence too much the increase in the number of women on the vertical corporate ladder. issue of the first promotion what is the reason for this? in the past, there was a belief that women are simply not determined in asking for promotion, but this seems not be the case any longer. for instance, the research carried out by the mckinsey consulting firm in 2016 shows that women equally request promotion as their male colleagues. the research also shows that women get promoted at an equal pace as men from the medium and senior management. however, the advancement at lower positions is much more commonplace among men. one of the reasons may be the fact that employers are less motivated to appoint to managerial positions women who are in such a life phase when it is likely that they will go on maternity leave and have small children. one of the reasons explaining this pattern also lies in the imbalance in terms of understanding family responsibilities. although men today assume more obligations in relation to the upbringing of children than was the case with their fathers, research confirms that they usually overestimate their share in caring about children. it also seems that they underestimate the consequences of the care about children for the careers of their female partners. still today, fathers who participate in raising their children by changing nappies and driving children to school – are rare. what can the