Over the past two decades of monetary independence, the National Bank of the Republic of Macedonia (NBRM) coped with numerous challenges that it has successfully overcome. The 20-year jubilee overlaps with an exceptionally turbulent episode from the development of global economy, taking into account the Euro zone debt crisis, which represents another challenge for us, said Governor Dimitar Bogov at Friday's conference "Challenges of Southeast European Countries in Current Economic and Financial Euro zone Turbulence".

Bogov stressed the region has tackled the Euro zone crisis with relative success thus far, adding that risks are still present, whereas vigilance of policy creators needs to remain high.

"The 2012 projections are uncertain, with potential negative consequences from the events related to the Euro zone crisis. In times of rather unfavorable expectations for European economy, the growth perspectives for regional countries are also uncertain, accompanied by downward risks, taking into account the relatively strong trade ties with EU", added the Governor.

Bogov emphasized that the crisis has widened horizons, imposed new views regarding policy development, increasing interdependence in global economy.

SEE countries will probably face fresh challenges in the future, imposed by the current conceptional changes in the Union. However, SEE states should continue to lead sound macroeconomic policies, accompanied by structural reforms, thus enabling structured flexibility. This is the basic prerequisite not only for faster EU integration, but also sound and sustainable long-term development", said Governor Bogov.

Vice Premier and Finance Minister Zoran Stavreski stressed NBRM's monetary policy over the past 20 years has significantly contributed to the sustainability of the country's macroeconomic policy, playing a significant role in the development of Macedonia's economy.

"Macroeconomic stability is accompanied by disciplined fiscal policy, which is continually held at a low level of budget deficits. In this way, fiscal policy provides support to the monetary strategy of targeting the Denar's exchange rate, which has been successfully implemented for quite a while. This commitment refers to solid monetary-fiscal coordination, towards achieving macroeconomic goals - low inflation level and economic growth", said Stavreski.

Referring to economic growth rates in the years of crisis, he said they resulted mostly due to implemented reforms.

"Successfully overcoming the challenges of the largest global financial crisis in the past 80 years, we are again faced with fresh challenges. Macedonia is economically tied with EU member-states and each turbulence in Europe is strongly felt here", added Stavreski.

The international conference brings together regional experts, debating on development strategies of regional countries in the turbulent global surrounding, challenges in public finances in EU and regional states, as well as challenges related to financial stability in the Union and the region.