Progress made in statistics before crisis has facilitated our monetary policy decision making 

Governor Anita Angelovska Bezhoska participated in a panel discussion Navigation towards the New Normal Economy, hosted by the Center for Excellence in Finance (CEF) from Ljubljana. The panel discussion focused on the challenges that COVID-19 crisis poses in many fields of both public and private sectors, particularly referring to space for cooperation between them for efficient crisis management and reaping benefits it brings.

At the beginning of the discussion, the governor addressed the specific features of this crisis as well as the need for swift policy response based on frequent, prompt and granular data. She also pointed out several factors that have recently supported the decision-making process. First, she underlined the enhanced coordination between monetary and fiscal policy with a view of having an optimal policy mix of loose policies to support real economy that does not endanger the stability of the peg. She further focused on the data available to make appropriate decisions. In the last decade, the global crisis has acted as a catalyst for enriched granular data sets, in particular for the financial sector, which have been critical for identifying warning signs at an early stage, stepping in with bold measures. Our pre-crisis efforts to continuously enrich the available data and to comply with the highest statistical standards have made a significant contribution to facilitating monetary policy decision-making. Confirmation of the progress is the membership in the highest global statistical standard SDDS Plus in 2019.

The discussion continued in the context of the effects of the pandemic on the work environment, the models of work and dealing with everyday challenges. In this context, the Governor addressed the importance of leadership in times of crisis, and the need to motivate employees, especially in times of crisis that affect all aspects of our lives and work. “Overall, we are trying to underline the principle of putting people first as we think it is the key not just for getting  through the pandemics, but even more so for emerging from it stronger and more resilient. Putting health safety as a priority, showing compassion, and fully recognizing and accepting individual specific circumstances. At the same time, keeping the daily business as usual, precluding discontinuity of the processes, advancing with most of the developmental projects, and strongly dealing with the challenges that Covid-19 has brought to our mandates. I hope that with this attitude, we manage to balance and to support the morale of the staff in these extraordinary difficult times when our wellbeing is under threat”, said Governor Angelovska Bezhoska.

To watch the video of this event please visit https://www.youtube.com/watch?v=wtuusd84l-8