three years, in particular. ciarlone a. and colabella a., " spillovers of the ecb's non - standard monetary policy in cesee economies ", bank of italy, occasional paper no. 351, september 2016. chart 7 : cumulative financial inflows as % of gdp, changes in p. p. international liabilities region cee 2007 - 2005 2012 - 2008 see baltics 2015 - 2013 source : international monetary fund, balance of payments statistics. data from the balance of payments statistics used as an indicator for the capital inflows in the region point that overall capital flows have continued, but at a much slower pace compared to the pre - crisis period. the slowdown is visible in the most recent period, as well. thus, during 2013 - 2015 the capital inflows for the region on average amounted to around 12 % of gdp, compared to a cumulative growth of 38 % of gdp in 2008 - 2012 and 67 % during 2007 - 2005. the largest slowdown is observed for the cee group of countries, where capital inflows almost stalled. chart 8 : components of capital inflows, cumulative change in p. p. of gdp region average cee 40. 0 30. 00 30. 0 20. 00 20. 0 10. 00 10. 0 0. 00 0. 0 - 10. 0 2007 - 2005 2012 - 2008 2015 - 2013 - 10. 00 2007 - 2005 2012 - 2008 2015 - 2013 - 20. 00 direct investments portfolio investments direct investments other - debt instruments portfolio investments other - debt instruments see baltics 30. 00 80. 00 25. 00 60. 00 20. 00 15. 00 40. 00 10. 00 20. 00 5. 00 0. 00 0. 00 2007 - 2005 2012 - 2008 direct investments 2015 - 2013 - 20. 00 portfolio investments other - debt instruments 2007 - 2005 2012 - 2008 direct investments 2015 - 2013 portfolio investments other - debt instruments source : international monetary fund, balance of payments statistics. the screening of the structure of the capital inflows pinpoints to a slowdown of all types of capital inflows. foreign direct investments continued in the region, but at a slower pace especially during 2013 - 2015. in all three regions, direct investment flows moderated, but were positive on a continuous basis since the crisis. the slowdown of the portfolio inflows was the lowest. the dynamics of portfolio inflows is positive throughout the whole period for

have an effect on their profit in the future. therefore, labor unions are interested in inflation when they negotiate wages, therefore each of us is interested in the information about the current and future inflation, i. e. increase in the prices, when we consider what to do with our savings. why is the central bank preoccupied with the inflation and its accurate measurement, perception of inflation and expectations about its movement in the future? it is because the main objective of the monetary policy is to maintain price stability in the economy, which is considered to be the main prerequisite for acceleration of the economic activity and for accomplishing sustainable economic growth. hence, the adequate measurement of inflation, which is an issue that has been interesting for the central banks for years, and which is even more important when inflation rates are low, is so challenging and crucial for the central banks, i. e. for the monetary policy decisions. non - expert public listens to the information about the inflation indicators. it neither wants nor it is able to go into the numerous statistical problems when measuring inflation. however, it senses the possible discrepancies between the officially announced indicators and the real ones since that public confronts its nominal and real purchasing power on a daily basis. on the basis of that confrontation and daily market - based check - up of the official statistical information, confidence or lack of confidence in the authorized institutions is created, influencing positively or negatively the behavior of all market participants. the authorized institutions are responsible for making precise the differences between the nominal and the real aggregates, for selection of more precise statistical methods and techniques for measuring inflation, simultaneously as transparent and as understandable as possible for all market participants. the participation of representatives of the two most relevant institutions in the country for this issue and the participation of the distinguished domestic experts and experts of the relevant international institutions, eurostat and bis, ensure that today we will enjoy an exciting intellectual debate on the topic we selected, i. e. which inflation indices are the most persuasive, which structure and which compilation methods could give us the best picture of the basic components and their contribution to the movement of the inflation ; how much is the so - called core inflation relevant for us and in what is the best way to determine it, is the inflation index appropriate with respect to the scope and the structure, does it represent the consumer basket realistically, does it change along with the changes in the consumption, does it overestimate, underestimate or realistically