aiming at supporting other objectives ( including credit growth ). while listing the experiences of unconventional measures among the central banks, we can distinguish between : measures for increasing and changing the composition of the assets in the balance sheet of the central banks in different forms and with high heterogeneity across the countries, and measures for influencing agents ’ expectations by strong commitment by the central banks for keeping low interest rate for a longer time horizon. in the public finances domain, the strengthening of fiscal discipline and the need of careful monitoring of fiscal sustainability can be taken as the core preventing arms against fiscal imbalances that highlight this crisis. the fiscal consolidation is already on the list of objectives within the eu and it will require serious efforts and internal adjustments for reaching this goal. in the midstream of the crisis, the need of fiscal adjustment imposed the confronting issue of the adverse impact over recovery and growth dynamics that was really bis central bankers ’ speeches one of the tight spot in the crisis management. the fiscal stimulus obviously supported the recovery in the countries where there was a room for it, but looking forward, the need for fiscal consolidation should be taken seriously. the financial stability, not only nationwide, but also in international framework, is quite often quoted as a common good. attention should be paid to the risk distribution among financial institutions, as well as to the aggregate risk level evolution. the regulatory response to the crisis was oriented towards strengthening the banks ’ soundness as well as designing treatment of systemically important banks which certainly require a special attention by the authorities. systemic risk requires systemic and comprehensive solutions, including changes in the institutional setup. in the eu it was done by establishing crisis management mechanisms, strengthened governance aimed to monitor and prevent against any macroeconomic imbalances, as well as to move towards the banking union. the eu member states and institutions face many challenges when making the new institutional setup operational and when making the necessary adjustments in a reasonable time framework. in addition, all other countries face the challenge of converting the lessons from the crisis into policy actions. the changing role of central banks during the crisis, the role of the central banks moved from traditional way of monetary policy implementation towards combining the monetary and financial stability objectives, both being complementary components of macroeconomic stability. the set of instruments became more complex because of the unconventional measures, designed to bridge the period of extraordinary circumstances affecting the effectiveness of standard instruments, and aiming to strengthen the financial stability or economic recovery. due to the variety of those unconventional measures across the countries

##bilities in the total amount of usd 43. 3 million are projected to be paid in the last quarter of the year. at the end of september 2000, the short - term debt of the private sector of the republic of macedonia amounted to usd 42. 9 million, and compared to the end of 1999 was by usd 10. 8 million lower. the share of the external debt in gdp accounts for 42. 0 %, which ranks the republic of macedonia in the countries with moderate to medium degree of indebtedness. sound and stable banking system in the republic of macedonia in 2000, the banking sector of the republic of macedonia continued to recover from the adverse effects caused by the external shock in 1999. the share of high - risk credits in the total credit exposure of the banks in the first nine months of 2000 reduced by 4. 1 percentage points, however, still remaining high at the level of 37. 3 %. nevertheless, the high average capital adequacy ratio of 33. 8 % at the end of september 2000, positively affects the banking system stability, by far exceeding the required minimum of 8 %. significant investments of foreign capital in the macedonian banks was registered in the first six months of 2000, increasing the share of the foreign capital in the total banking capital from 19 % to 33. 3 %. in 2000, the legal framework regulating the banks ’ operations was subject to fundamental improvement. in that context, the newly adopted banking law in july 2000 is of great importance, in which preparation the national bank of the republic of macedonia had a considerable contribution. this law represents a step towards the harmonization with the european legislative and the european union directives and achieves greater degree of compliance with the so - called core basle principles for effective banking supervision. in november 2000, certain changes were made in the regulation on banks ’ foreign exchange operations, as well. with the new amendments of the regulation, the requirement for holding portion of the foreign exchange deposits collected by the banks on their accounts abroad was reduced. this measure is expected to have positive effect on the banks'credit supply in the economy. monetary policy in 2001 monetary policy projection for 2001 has been defined in the macroeconomic policy package incorporated in the arrangement with the international monetary fund. primarily, the 2001 monetary policy will be directed towards preservation of stable macroeconomic environment, as a precondition for achieving long - term sustainable economic growth. the projected economic growth will be supported through the adequate money and credits supply, simultaneously designing the monetary