The Governor of the National Bank, Anita Angelovska Bezhoska participated in the Looking Back, Looking Forward Conference held in Vienna yesterday, organized on the occasion of marking the first wave of European Union (EU) enlargement, in which 11 Baltic, Central and Southeastern European countries (CEE) joined the EU. Within the panel discussion devoted to financial integration, Angelovska Bezhoska especially referred to the development and the financial sector features of our country.
“Our financial system, as well as the systems in other CEE countries, is largely connected to the European financial system, which is perceived through the significant share in the ownership of the European banks. The relatively high financial integration has brought significant benefits to our economy, such as access to external sources of funding aimed at growth support, larger supply of financial products for the households and the corporate sector, thus encouraging savings and lending, as well as transfer of financial know how,“ she said. The Governor emphasized the high level of harmonization of the national to the European banking regulations, thus contributing for the soundness and resilience of our banking system, simultaneously creating conditions for further financial integration, which is especially significant in the context of our strategic commitment to be part of the European family.
This important Conference is organized by the European Political Strategy Centre of the European Commission, which is under the direct authority of the EC’s President Jean-Claude Juncker and the EC’s Directorate General for the Economic and Financial Affairs. The EC aims at gathering prominent policy makers and experts from Europe, senior representatives of international and European institutions, as well as representatives of the private sector and the academic community, to analyze the experiences and impacts of the EU enlargement episode from 2004, in the context of the future challenges for Europe and its economy. The impact of the EU membership on the reforms and macroeconomic policies and on financial integration in the region, as well as the importance of EU membership to accelerate convergence of economies, analyzing the role of trade, investment, financial integration and institutional channels, were discussed at the Conference yesterday. At the same time, the discussions were also focused on the ways in which the EU membership can help by promoting a stable macroeconomic environment and deeper and safer financial integration.
Among the participants, Angelovska Bezhoska is the only high representative of a central bank of a country that is not a member of the EU, yet. The Governor also participated in a panel discussion with a focal point on the situation in the area of finance and banking in the Central and Eastern European countries, as well as in the Baltic countries, before and after the EU enlargement. Latest developments, challenges and opportunities in the future were also discussed.
In Vienna, Angelovska Bezhoska also held bilateral meetings with high representatives of the European Commission, as well as with her European counterparts and representatives of international institutions and the academic community. The Looking Back, Looking Forward Conference continues in Bratislava today, where it will be conferred about investing in human capital and the future of EU convergence and enlargement.
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