But since the last banknote upgrade in 1999, there have been significant advances in copying, scanning, and printing technologies and the cost of this technology has reduced. As a result, the economics of counterfeiting have changed substantially and the risk of counterfeiting has increased.
*  *  *  Ladies and Gentlemen, our honorable guests, I would like to express a special gratitude to Ms. Gertrude Tumpel-Gugerell, a Member of the Executive Board of the ECB, Mr. Josep Lloveras, Head of Delegation of the European Commission to the Republic of Serbia, Mr. Daniel Giuglaris, Head of the EAR Operational Centre in Serbia, as well as to the representatives of the ECB and 9 national central banks of the European System of Central Banks (ESCB), out of 17 participating in the project, being present here and taking part in this, for us, a very historical event.