President Jahjaga’s speech on the occasion of the fifteenth anniversary of the establishment of the Central Bank of Kosovo

I express my congratulations to you, on this fifteenth anniversary of the establishment of the Central Bank of Kosovo, one of important pillars of our statehood.

Honourable Governor,
Ladies and Gentlemen
I express my congratulations to you, on this fifteenth anniversary of the establishment of the Central Bank of Kosovo, one of important pillars of our statehood.

Through this period, Central Bank of Kosovo has fulfilled its duties with devotion, particularly in regulation and supervision of the banking sector, in order to achieve compliance with rules of proper management and in guaranteeing of the stability of our financial system.

Good work in careful regulation and supervision of banking sector, has resulted with, despite the fact that the world has been shaken by a strong economic and financial crisis, a healthy banking sector, well capitalized banks with local deposits, thus making our economy more independent in relation with movements in world markets.

 Professional supervision of the banking system, and continuous adaptation of legislation in line with needs and requirements of the market, has also considerably influenced in lowering of moral risk.
Central Bank of Kosovo remains as one of most important pillars of economy, a pillar of financial system and defender of financial and macroeconomic system of the country.
Honourable participants,
Today, we are aware of the fact that economic freedom is inseparable from personal and collective freedoms. Economic freedom is fundamental for a stronger economic appearance. It ensures economic prosperity and social stability.
Therefore, as such, it must be nurtured, protected and kept high on the agenda of our priorities. Easing of free competition and eradication of cartels and monopolies, allow for steady and all-encompassing economic growth, based on results of free initiative, innovation and developmental research.

As President Ronald Reagan would say” Concentrated power has been and always will be and enemy of liberty”.
We want a free society- and this surely remains an ambition of ours- we must instigate free competition, and not allow for concentration of power in the hands of a minority, which misuses the system in order to ensure unjust favours for individuals or groups of interest. This is not a free market economy, but economy of so-called elites, which become an obstacle to progress.

A free and democratic society, based upon conditions of free market and free competition, cannot exist outside the law. The burden of responsibility on ensuring this lies primarily with political and economic institutions which must fulfil its duties, establish supporting and promoting mechanisms, but they must initially look after the implementation of the law and creation of preconditions for an all-encompassing economic development.

Politics must be a facilitator and not a hindrance to progress.
Irresponsible acts, which cause unnecessary political crisis, must be stopped, as they damage the legitimacy of institutions, economic perspective and the future of our citizens. Such political crisis, accompanied by effects of economic crisis, will very soon become a crisis of trust, which carries with itself as many consequences.

Inefficient governing, marked with deficiencies in rule of law and lack of vision for a proper economic development, is a factor which is having an effect in the trust of our citizens in the institutions of the country.
Insufficient economic growth rate, unemployment and lack of efficiency in governance is leading towards an environment which stimulates insecurity and towards the growth of influence of criminal and extremist groups. And the number of youngsters which get involved in criminal activity or become victims of the recruitment for “holy wars” abroad, is worrying.

Even more worrying is the phenomenon of illegal migration of our citizens, which looks like it has taken an expansion in the last few weeks.

This reminds us that we must look after our economic policies, policies on rule of law and state legitimacy and the future of our citizens more vigorously.
Ladies and gentlemen,
The unemployment problem is solved by proper economic policies and a serious devotion on all levels, because only in this manner this deep crisis of trust can be resolved to be followed by creation of preconditions for a proper economic progress.

We, as a society, with great human and natural potential, must build a clear economic vision, which must be an all-inclusive vision, which defines the ways and manners of a proper economic development, part of which must be every single citizens of Kosovo, regardless.

For this we must have courage to undertake structural reforms. We must have the courage to find ways to activate our capacities, be they in production, services, mining industry, energetics or primarily of human resources.

Path to economic prosperity consists in unblocking of these extraordinary resources and potentials which our country possesses. We must ease the development of private sector, in line with our capabilities and with developments of international markets.

A particular emphasis must be placed to the economic integration of the municipalities in the north of the country through projects and initiatives which aim to improve the lives of our citizens residing there and creation of preconditions for the development of entrepreneurship and formalization of economy in this part of our country as well.
Economic development is a necessity, but also a responsibility; economy and employment remains our priority because we desire a developed country, in which everyone will find opportunities for a better life. A stable economic and social development which benefits citizens and guarantees our stability, peace and liberty.

In this spirit, honourable Governor, I would like to once again congratulate you on this anniversary and express my highest consideration for the institution which you lead, and wish you many forthcoming successes!

Thank you.