16-17 June Bečići, Montenegro
Esad Zaimović, the Chairman of the Montenegrin Association, of Banks and Bratislav Pejaković, Secretary General of the Association, attended the Summit of the Finance Ministers, Central Bank Governors and Tax Administrations Directors of the Region “Regional Financial Stability in the New Global Environment”. The Summit presented recommendations of the regional central bank Governors to the Finance Ministers for better coordination of monetary and fiscal policy. The participants also discussed on the effect of the ECB quantitative easing on monetary policy, interest rates and foreign exchange rates of local currencies in the Wester Balkans, potential shocks, banking sector stability and non-performing loans resolution as a prerequisite for increasing lending activity of the banks – based on the experiences from the region.
Financial inclusion was also at the agenda of the Summit, as a global challenge and local solution – a challenge for everyone, as well as the role of technologies in the improvement of the financial inclusion.
Another topic treated business framework through the discussion on fiscal consolidation measures and measures for further stabilization of public finances of regional countries in medium and long term. A qualitative overview was given regarding the experiences of the regional countries in their cooperation with the IMF. It was also discussed on structural reforms and effects on public finances with the budget deficit which was mentioned as a matter of choice or chance.
A special panel was dedicated to the tax administration reforms and combat against non-observed economy. It was discussed on the manner to increase the tax administration efficiency, scope, effects and experiences from the region. Debts of large taxpayers represent a problem in the region. The Summit highlighted the importance of education in the banking area where the Banking Association pays special attention.