##s, households and the government. economic growth in serbia is also supported by net foreign direct investments which came at eur 1. 8 billion, rising by 45. 6 % from a year earlier. the fact that, today, investments in serbia are channeled into a large number of projects, and that they originate from a larger number of countries, indicates that companies which decided to invest in serbia are sure that they have made a good business move. and here, we must not forget to mention domestic investors which we consider equally important and valuable. bis central bankers ’ speeches by achieving successful coordination of monetary and fiscal policies, while ensuring a clear division of powers among different institutions, we have strengthened our credibility with all relevant entities considering the prospect of investing in serbia. if i were to summarize the results achieved by our institution with regard to the overall investment climate in just one sentence, i would point out : low inflation rate, record low interest rates, anchored inflation expectations, relatively stable exchange rate, stable and resilient financial system, higher investment loans, increased confidence in the dinar coupled with higher household borrowing and savings in the local currency. that we are not the only ones who say this is confirmed by data and the assessment of credit agencies and relevant international institutions. we have also enjoyed excellent cooperation with the international monetary fund, providing maximum contribution to positive signals coming from that important institution, the arrangements with which lend major support to our economic stability. in particular, the national bank of serbia strongly supports the commitment of the serbian government to european integrations and has taken direct part in this process, not only through negotiations, but also through a series of other activities aimed at harmonizing regulations and creating a better and safer investment environment, following the lead of countries such as france. we are proud to say that all of the above has been achieved by relying on our own resources, bravely facing all challenges coming from the international environment and global financial flows. i therefore hope we will continue to enjoy your understanding and support, and will fully reciprocate it, to our mutual satisfaction. finally, allow me to add a few facts regarding french - serbian economic and cultural cooperation. the national bank of serbia has had intense cooperation with the bank of france, but also with the french agency for prudential supervision of financial institutions. the bank of france took part in the technical assistance project for strengthening the institutional capacities of the national bank of serbia, thereby continuing, in the best possible way, the cooperation

jean - claude trichet : interview with china finance interview by mr jean - claude trichet, president of the ecb interview with china finance, 16 february 2009. * * * china finance : at ten years, how would you assess the successfulness of euro both in terms of bringing about benefits to the eurozone economy and as an international currency? mr trichet : since the introduction of the euro, fellow europeans have enjoyed a level of price stability which previously had been achieved in only a few of the euro area countries. this price stability is a direct benefit to all citizens. it protects incomes and savings, and helps to bring down borrowing costs, thus promoting investment, job creation and prosperity over the medium and long term. the single currency has been a factor of dynamism for the european economy. in recent months we have seen another benefit of the euro : the financial crisis is demonstrating that in turbulent financial waters it is better to be on a large, solid and steady ship rather than on a small vessel. however, the euro was not created to either compete with any other international currency. we are not campaigning for the international use of the euro. the euro was created in order to achieve the single european market. for me, the greatest success is the fact that, after having promised the citizens that the euro would be equal, in terms of stability and the maintenance of value, to the previously most solid currencies, we have fulfilled this promise effectively. china finance : what needs to be done to meet the challenges to the credibility of euro posed by persistent dispersions of inflation, current account deficit and public finance among the member economies? trichet : the first 10 years of the euro has brought low levels of inflation overall in the euro area, lower than the levels in the individual countries before. the existing differences are no bigger than if you compare differences in price levels, for example, between various states in the united states, which is as you know similar in size to the euro area. the single currency also enhanced price transparency, increased trade, and promoted economic and financial integration within the euro area and with the rest of the world. as for public finances, the stability and growth pact was created precisely to substitute for a more uniform fiscal arm of the euro area. as you are aware, there was an agreement reached in the eu late last year to provide fiscal stimulus corresponding to the current economic slowdown, however, on behalf of the governing council i reiterated several times that these packages should