So, let me first express my gratitude to the ECB, with which we jointly initiated and organized this collaboration, to the national central banks of the European System of Central Banks and to their experts who participated and were directly involved in the implementation of the project, as well as to the EU Delegation in our country for their support throughout the project duration and of course for providing financial assistance to ensure the implementation of the project. Also I would like to stress the benefit for the NBRM from the extraordinary collaboration with the representatives of the ECB and of the national central banks of the Eurosystem. Considering the role of the central bank in the country's accession to the EU, the National Bank of the Republic of Macedonia has initiated this project in order to prepare for future membership in the European System of Central Banks and the Eurosystem. The road to the EU is a process that requires from us to build strong and effective institutions. This project has exactly that aim: strengthening the institutional capacity of the National Bank and harmonization of the standards for the national central banks in the EU by means of revising the current legal framework, the adoption and implementation of new policies and practices and staff training. The implementation of European standards and best practices in the operations of the NBRM is not an end in itself.
The development of new markets and instruments, for example credit derivatives, has also led to a broader risk spread than earlier. The improved diversification of risk is probably one of the reasons that world financial markets have coped with the stock market decline and the accounting scandals with limited damage to the wider economy. This is probably one reason why the downturn following the stock market decline in 2000 was considerably less pronounced than during earlier downturns. The new instruments spread risk, but do not eliminate it. Financial markets have become highly complex. This alone entails an operational risk, which is a challenge to participants and the supervisory authorities. BIS Review 16/2004  1  Increased trade promotes growth and lays a basis for prosperity. A number of Asian countries have experienced strong, export-led growth - Japan from the 1950s and several countries in Southeast Asia from the 1960s. In recent years, China has become an important player in international trade, and is now probably the world’s fourth largest trade nation. The Asian economies and the rest of the world have become more integrated. Technological advances and a sharp fall in prices in the IT and telecommunications sectors have exposed a number of services that were previously sheltered from competition from low-cost countries. EU enlargement this spring, with ten new members, is also influencing the division of labour in Europe. Implications for the Norwegian economy Intensified competition from Japanese and Korean shipyards had serious implications for Norwegian shipbuilding in the 1970s and 1980s.