As a central banker responsible for ensuring financial stability and the proper financing of the economy, I welcome this diversification of the sources of financing for the real economy. 3. The impact of new players in the financial intermediation ecosystem is likely to differ Among these new players, tech companies are the most important. The model of these companies is based on the breakdown of the activities of traditional universal banking into a range of distinct core functions, such as payment routing, provision of financing, risk sharing and capital allocation. The impact of these new players on financial intermediation will most likely differ depending on whether one considers start-ups or Bigtechs. The role of start-ups will probably be determined by the following alternative, as they do not have sufficient resources to “supplant” the established players: cooperate or even go under the control of an established player or compete in niche segments, such as crowd-funding, online lending or payments. The impact of Bigtechs on financial intermediation may be very different, as they have substantial financial resources, a strong brand image, a global customer base and privileged access to cutting-edge technologies. 4. Can they nevertheless eliminate bank intermediation, if we take a long term view? This question brings me to my prognosis to conclude my speech.
Dimitar Bogov: When pressures on prices are relieved, we will stimulate economic growth Interview with Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in “Kapital” weekly magazine, published on 8 November 2012. *  *  *  Bank affairs are always possible In the countries in the region banking affairs have erupted, in connection with criminal activities of some banks in conjunction with politicians. What is the situation in Macedonia? Is everything under control in the banking sector? NBRM controls the banks in terms of their compliance with the regulations, the quality of corporate governance, and assesses the risks that banks undertake in their operations. Banking supervision is a strong prevention against criminal operation. But that does not mean that as anywhere in the world, banking affairs could not take place also in the banking sector in Macedonia. Spasijka Jovanova The National Bank of the Republic of Macedonia lowered the forecasts for the economic growth this year to 1 percent and raised the concerns of inflation. The condition when no growth is registered, i.e. there is a downturn, and there is higher inflation, is called stagflation, which is the worst stage of an economic crisis. Is the Macedonian economy in such a stage? I would not agree that the Macedonian economy is entering stagflation. However, there were unusual movements in the world economy.