When the National Bank intends to absorb more liquidity it could make the interest rate more attractive for the banks. But, if it considers that it should not sterilize such excess liquidity, it will make the interest rate less attractive or will restrict the amount allowed for the banks to subscribe. Distinguished ladies and gentlemen, At this very conference last year, I also said that the National Bank will not build its relations with the banks from the position of arrogance. Quite contrary, the banks are our partners. Therefore, the National Bank will keep on informing and consulting with the commercial banks about the regulatory measures. In this respect, presently we analyze the latest request of the Banking Association concerning the treatment of foreclosures and we will soon launch a dialogue to find solution in favor of the Macedonian economy. Hence, there should not be any doubt that in future the National Bank will “hear the voice” of the banks. But, also, it should be clear that the National Bank does not discuss the monetary policy measures with anybody, not even the banks, before it makes a decision to adopt them. They are at the absolute discretion of the National Bank. This is a worldwide practice. Neither the European Central Bank, nor the Czech Central Bank, nor any other central bank throughout the world consults or informs the commercial banks on the monetary policy measures before it makes the decision.
Indeed, the reduction in the use of banknotes for transaction purposes and the prospect of the development, within the networks of the major global players in digital services, of crypto-assets as a means of payment, whose link with central bank money is complex and fragile, to say the least, if not non-existent for some, are likely to call into question the integrating and anchoring role that central bank money plays in our payment system. These threats are reflected in a rise and a change in the dimension of the risks that any wave of innovation naturally carries, and which the health crisis has helped to amplify. First of all, there are risks of a setback in terms of efficiency. Two risks are likely to change in scope: - The risk of fragmentation of the payment system, both for everyday trading and between financial players due to a lack of secure and efficient structural interconnection, through convertibility at par between crypto-assets and central bank money, between old and new payment solutions. - The risk of concentration, or even the emergence of monopolistic situations for the benefit of global digital giants and their private settlement assets, and therefore of Europe’s increased dependence in terms of payment services vis-à-vis foreign players, with the associated issues of personal data protection and industrial and monetary sovereignty. Then there are risks of a setback in terms of security.