“As policymakers in Central and Eastern Europe we should focus on removing structural obstacles to the increase in the potential economic growth in the long term and to accelerate the real convergence process” - said the Governor of the National Bank of the Republic of Macedonia, Anita Angelovska Bezhoska at a panel discussion on monetary policy which took place yesterday within the 24th Central and Eastern European Forum organized by Euromoney.
The panel discussion focused on the prospects for economic growth in the region, the implications of the end of the quantitative easing globally and the divergence of interest rates in the US and Europe, the protectionist trade measures and Brexit. The Governor of the NBRM first addressed the prospects for economic growth in the region of Central and Eastern Europe (CEE), suggesting that according to the forecasts of the international financial institutions, they are still relatively favorable, but a less favorable global environment is expected in the forthcoming period in conditions of risks arising from trade tensions, geopolitical developments, as well as less favorable conditions on the global financial markets. She emphasized that the growth rate in most of the economies in the region is close to the potential one, which undoubtedly points to the need for acceleration in structural reforms in order to increase their growth potential. Also, "the implementation of structural reforms will not only increase the growth potential and will not only reduce the vulnerability of economies, but will also help to reduce risk premiums, which will also mean more favorable conditions for financing economies.." - said, among other things, the Governor Angelovska Bezhoska.
The panel discussion also raised other issues important for the economies of the region and for the European and world economy, in general. The Governor of the NBRM actively discussed the current developments related to the possible exit of Great Britain from the European Union, as well as the issue of independence of central banks, which received special attention at this forum.
The Euromoney Forum, which took place in the past two days in Vienna, Austria, is undoubtedly one of the leading events in the field of finance, which is attended by more than a thousand participants. Therefore, it is considered to be a rare event of such a format that allows connecting economists interested in the CEE region - of the representatives of the policymakers and the representatives of the banking sector, the participants in the financial markets and investors. The Minister of Finance, Dragan Tevdovski, was also a participant from the Republic of Macedonia in this year’s Forum.
Within her participation in this important event, the Governor Angelovska Bezhoska held several working meetings.
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