Let’s hope that the next conference  will be held in better time. We believe it is important to keep this tradition to promote  the dialogue between policy makers and academic community on topics of special relevance for the Central bank of Bosnia and Herzegovina.
II  This year, our focus is on low interest rate environment, and the challenges it brings for the central banks in macroeconomic terms. The decline in long-term risk free nominal interest rates started in the late 1990s. Short-term nominal interest rates fell sharply after the crisis of 2007/ 2008 and have remained at lower bound ever since.