Senad Softić: Monetary policy, economic integration and "the new normal" - what it means for integrating small economies?

Speech by Mr Senad Softić, Governor of the Central Bank of Bosnia and Herzegovina, at the closing panel with the Governor's Roundtable: What does all this mean for integrating small economies?, Bank of Albania and LSE Conference: Monetary policy, economic integration and "the new normal", Tirana, 1 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

1. Introduction

Mr. Chairman, fellow Governors, Ladies and Gentlemen,

It is my great pleasure and privilege to participate in today's Bank of Albania and London School of Economics and Political Science co-organized conference entitled: Monetary Policy, Economic Integration and "the New Normal". There is no doubt that the topic is relevant. We are talking about the Southern-Eastern Europe (SEE) joining the EU. What can be more relevant for the future of our countries? After the fall of the Berlin wall, three decades ago, joining EU for our region seemed like a done deal, something that might happen quite soon. After the initial adjustment to the basics of the market economy, convergence was (relatively and depending on a country) fast. But, as always in history, processes are neither simple, nor linear. Global Financial Crisis (GFC) has changed the world we live in, especially for us, central bankers. Indeed, as our organizers pointed out in the Conference agenda, it is time for some serious reconsideration of previous experience, but even more so of some future challenges.