to announce that over 100, 000 mobile payments of top up fees for prepaid mobile telephony use is registered through the dina card system on a monthly basis. our target, of course, is a manifold increase of this number during this year. on this occasion i would also like to announce another new project to be soon realized in cooperation with the telekom that will enable our citizens to request issuance of and mobile payment for excerpts of various personal documents kept on records with the state institutions. finally, allow me to remind you of another topical issue in the european environment that we are striving to join, which can be used to exemplify how technology can bring on a change even to the regulatory systems within our region. i am referring here to the initiation of the system of interbank payments in accordance with the sepa ( single european payment area ) and the ecb initiative. what is it that sepa will bring about? here is an example : an internet user from belgium pays electricity bill for his daughter studying in france from his account opened with a spanish bank and is charged fees for banking services as if all these transactions were taking place in one and the same country. this example is the best illustration of the encouraging impact of high technology not only in respect of the development of the financial services market but also in respect of encouraging market regulators and finding innovative solutions. the nbs hopes that application of similar technologies in serbia will enable faster development of the financial industry. one thing is for sure, the existing multitude of fees charged for banking services would certainly have remained if it were not for the decisiveness of the european central bank and other regulators who insisted on treating all payments within the euro zone as strictly domestic – and only seven years after they began using the same currency. i wish much success to all of you present in this meeting, and hope that we shall all come up with new ideas and initiatives to enable application of the 21st century technologies in the financial market of serbia.

have led to significantly improved bank lending and reduced the fall in euro area gdp in 2020 without compromising the solvency level of the banking system. 1 the imbalance between cyclical and structural buffers has gained more attention in the macroprudential debate since the beginning of the pandemic. there seems to be a growing consensus on the need to reassess the current balance between structural and cyclical buffers and to create more macroprudential space that could be used in a system - wide crisis if needed. i strongly welcome this development and encourage further work and discussions on this important topic, including on specific ways to create macroprudential space. while it would be premature to envisage a certain outcome at this point, i would like to suggest three guiding principles for further deliberations on this topic. first, the creation of macroprudential space should be capital - neutral. in other words, it should be achieved by amending or rebalancing certain existing buffer requirements rather than by creating additional buffer requirements for banks. second, the additional macroprudential space created in this way needs to have strong governance in order to ensure that capital buffers are released in a consistent and predictable way across countries when facing severe, system - wide economic stress. third, considerations to create macroprudential space should focus on options that ensure continued compliance with applicable international standards set by the basel committee. the capital conservation buffer would be a natural candidate for creating macroprudential space if it was made releasable in a context where these principles were adhered to. specifically, the possible release of the capital conservation buffer in a system - wide crisis should be centrally governed in the euro area and could be combined with dividend restrictions in order to maintain equivalence with international standards. complementarities between macroprudential and monetary policy the second challenge relates to complementarities between macroprudential and monetary policy. as widely recognised in the literature, policy outcomes can be improved if complementarities between these two policy areas are exploited. 2 for instance, during phases of risk build - up, effective macroprudential policy can unburden monetary policy with respect to financial stability concerns. an advantage of macroprudential instruments in this respect, and which is particularly relevant in a monetary union, lies in the possibility to target the use of instruments towards certain sectors and to address asynchronous business and financial cycles across member states. similarly, during phases