3  Dooley M., Folkerts-Landau D., Garber P. (2003) “An Essay on the Revived Bretton Woods System“, NBER Working Paper 9971; Dooley M., Folkerts-Landau D., Garber P. (2004) “The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates and Exchange Rates in Center Countries”, NBER Working Paper 10332; Dooley M., Folkerts-Landau D., Garber P. (2004) “Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery“, NBER Working Paper 10626; Dooley M., Folkerts-Landau D., Garber P. (2004) “The US Current Account Deficit and Economic Development: Collateral for a Total Return Equity Swap“, NBER Working Paper 10727; Dooley M., Folkerts-Landau D., Garber P. (2005) “Savings Glut and Interest Rates: the Missing Link to Europe“, NBER Working Paper 11520. 4  Bernanke B. (2005) “The Global Saving Glut and the U.S. Current Account Deficit”, Remarks by Governor Ben S. Bernanke At the Homer Jones Lecture, St. Louis, Missouri Updates speech given on March 10, 2005, at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia.
Despite the series of shocks from the foreign and domestic environment which the Macedonian economy has faced in recent years, we maintain the average inflation rate at the level of 1.5%, which is very close to the average inflation of the Euro area countries and confirms the adequacy of the monetary setup in this period. The nominal exchange rate of the denar against the euro has been maintained at a stable level, contributing to stable expectations and maintaining the confidence of economic agents. We have maintained the foreign reserves at a comfortable level by guarantying currency stability and dealing with shocks. The banking system is set on a completely market basis, with the presence of renowned international banking groups – stable, liquid and capitalized. Our permanent investment in observing the international standards in the banking regulation and the modern supervisory standards has made a great contribution. 1/2  BIS central bankers' speeches  No central banking institution can be set on firm grounds without dedicated and responsible people who have a vision, follow the direction of the modern central banks and at the same time work very hard to follow that path. In recent years, we have been continuously investing in the human capital. The support that we receive from international financial institutions, along with our dedication enables us to have a high quality core of professionals.