it is my pleasure to note that the national bank is an institution whose credibility and integrity are being permanently reaffirmed. maintaining price stability is the ultimate objective of the national bank ’ s monetary policy. despite the series of shocks from the foreign and domestic environment which the macedonian economy has faced in recent years, we maintain the average inflation rate at the level of 1. 5 %, which is very close to the average inflation of the euro area countries and confirms the adequacy of the monetary setup in this period. the nominal exchange rate of the denar against the euro has been maintained at a stable level, contributing to stable expectations and maintaining the confidence of economic agents. we have maintained the foreign reserves at a comfortable level by guarantying currency stability and dealing with shocks. the banking system is set on a completely market basis, with the presence of renowned international banking groups – stable, liquid and capitalized. our permanent investment in observing the international standards in the banking regulation and the modern supervisory standards has made a great contribution. 1 / 2 bis central bankers'speeches no central banking institution can be set on firm grounds without dedicated and responsible people who have a vision, follow the direction of the modern central banks and at the same time work very hard to follow that path. in recent years, we have been continuously investing in the human capital. the support that we receive from international financial institutions, along with our dedication enables us to have a high quality core of professionals. without it, we cannot imagine to successfully cope with the challenges ahead of us, especially now, when the european integration is becoming more realistic, which means intensive preparations for the future monetary integration. all of this requires an unconditional consistency in the price stability and the exchange rate of the domestic currency, a supervisory setup that is close to the european one, as well as institutional capacity for a quality dialogue with the european monetary authority. in the end, on behalf of the central bank team and on my behalf, i would like to thank and pay a tribute to the previous governors and managements and to all those who have been part of the central bank in the years behind, the ones that selflessly dedicated themselves and managed to build an institution that is independent, transparent, highly professional and respected in the international community. i would also like to thank the professionals who are a part of our team today – they are the foundation of the values that we constantly build, following the only path to our european future. even today, 28

certain proportion of those involved will succumb to the urge to subordinate ethics to the desire for personal gain, however fleeting. i believe that most of you will live up to the highest ethical standards. some of you will be able to profoundly influence your communities and businesses for the good. i will celebrate that kind of outcome, but my more modest hope is that as a group you will enter the business world as energetic advocates for the careful management of reputation risk and that throughout your careers you will use the lessons of our current experience. my final thought on managing the challenges ahead is one that will be familiar to you. as a person who was privileged, as you are, to attend some of the world's finest educational institutions, and as someone who currently serves in an institution that is heavily dependent on analysis, i know that knowledge matters. knowing a business plan or an issue or an analytical technique is an absolute requirement. recognizing that knowledge is fleeting is the beginning of deeper understanding. thus, my hope for you is a continuing commitment to working through difficult problems, a professional life characterized by the highest commitment to ethical behavior, a lifelong love of learning, and a few moments - days like today - for celebration of your success. congratulations and good luck. we are rooting for you.