As I shall be discussing, moreover, it is reasonable that the Riksbank considers developments in the real economy and tries, when making decisions, to avoid unnecessary disturbances and fluctuations in growth and employment. 3  BIS Review 98/2000  One reason why the Riksbank did not opt for a shorter target horizon is the time lag that normally occurs before interest rate adjustments affect the economy. I say normally because, for example, the exchange rate sometimes speeds up the effect from the interest rate. Moreover, a large interest rate adjustment is presumably associated with a quicker effect, for instance if household wealth is affected via share prices. Developments beyond the current two-year period are excluded by the target horizon because, for example, it is often difficult to predict what will happen so far ahead. But certain trends may be fairly clear at times and monetary policy should then take them into account. So although policy is guided by the prospects one to two years ahead, there are normally reasons for also paying some consideration to inflation’s forecast path in the coming year as well as beyond the target horizon. To date the Inflation Report has contained detailed assessments of inflation two years ahead. In the next report, in December, we intend to include a section with a more general description of inflation prospects two to three years ahead. This is intended to promote a better discussion of the choices that lie ahead. Another important matter is how strictly the rule should be applied.
Dimitar Bogov: Promoting Macedonia’s cultural and historical values Opening speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the opening of the exhibition titled “Wall Paintings from the Episcopal Basilica in Stobi” on the occasion of the International Museum Day, Skopje, 18 May 2012. *  *  *  Honorable Minister Kancheska-Milevska, Your Excellency, Ambassador Wohlers, Distinguished guests, This year we celebrate the twentieth anniversary of the monetary independence of the Republic of Macedonia, recalling with respect the period of creation of the Macedonian Denar and the processes that led to the proclamation of the monetary sovereignty of our country on April 26, 1992. Undoubtedly, this is an opportunity when it is necessary to say that in the past twenty years, the main carrier of these processes – the National Bank of the Republic of Macedonia, with all its capacity has adequately served the new democratic society, as an institution that is responsible for maintaining the stability of the Macedonian national currency and its monetary and financial system. Besides its primary activity, in the past 10 years, our institution has sought to continuously and systematically contribute to the preservation, care and promotion of cultural and historical values of Macedonia.