Economic policies must focus on fiscal consolidation, structural reforms and maintenance of financial stability, with the necessary stimulation of growth, especially through stronger capital investments, the Central Bank (CBCG) announced.
The Governor of the CBCG, Radoje Žugić, at the invitation of the European Central Bank (ECB), participated in a conference dedicated to the countries of Central, Eastern and Southeastern Europe (CESEE) in Frankfurt.
On the margins of the conference, Žugić had several bilateral meetings with colleagues from the region, where they discussed the impact of the macroeconomic environment on the functioning of central banks and the creation of their policies.
“It was concluded that economic policies must focus on fiscal consolidation, structural reforms and maintenance of financial stability, and that it is necessary to encourage growth, especially through stronger capital investments,” the CBCG added.
The conference entitled Changing the geopolitical landscape – economic implications for Central, Eastern and Southeastern Europe gathered representatives of the European System of Central Banks, central banks of EU candidate countries and potential candidates, international financial institutions and the academic community.
Opening the conference, the president of the ECB, Christine Lagarde, said that two key events are reshaping the global economy and may have strong implications for the CESEE region, namely the rise in geopolitical tensions and the weakening of global trade.
“The changing geopolitical environment imposes the obligation to build new foundations for strengthening resilience, and these foundations rest on further deepening of the economic and political ties of the EU and neighboring regions”, said Lagarde and added that, despite the very difficult last year, the prospects for the CESEE region are encouraging.
In the continuation of the conference, the participants discussed ways to overcome the challenges, which the economies of the CESEE region are exposed to.
