Today International Conference was launched at Tbilisi Marriott Hotel, which is hosted by National Bank of Georgia in cooperation with USAID and Asian Development Bank (ADB). The conference title is as follows: “Modern Role of Central Banks in Small Open Economies”.

“The conference aims at searching ways out of the global crisis. Today, when Georgian National Bank is on its way to institutional strengthening, the pressing issue is the role of Central Banks in the countries with small economies. The global crisis has been reflected on our countries in different ways and accordingly, all countries had specific, active and innovative reaction to it. The aim of the above-mentioned conference was to exchange experience and mutually search for problem solutions. This will facilitate the effectiveness of the monetary policy of our countries. In this respect our country has an extensive experience. It could be stated that Georgia has passed the most severe crisis, double shock effect with minimal losses” – George Kadagidze, the President of National Bank of Georgia stated at the opening of the conference.

This is the first conference of its kind to be held in Georgia and we believe, it will be held on an annual basis forming some kind of a tradition. Georgian economics started to overcome the crisis, though, the last ten months represented quite a difficult period for Georgian economics. During the recent period many obstacles have been overcome and many questions have been answered, though the global processes develop rapidly and we have to be ready for new challenges”, - stated the Prime Minister of Georgia, Nika Gilauri. He discussed the economic indicators and the steps taken to combat the crisis. According to the Prime Minister, the country has developed the package for stimulation of economics and the taxes have been decreased.

Today this kind of discussion regarding the economic and financial challenges represents an urgent issue. Especially, it is true of the countries with such a young democracy, as in Georgia’s case. Georgia needs strength, innovation and stability during the global economic crisis. This is the key to economic growth, investments and industrial development” – stated the USA Ambassador Extraordinary and Plenipotentiary: H. E. Mr. John Francis Tefft.

Columbia University professor, a Nobel Prize winner – Robert A. Mundell addressed the audience with his conference talk. He discussed in detail the current global economic processes, maintaining financial stability and elaboration of specific policy for overcoming crisis, importance of tax liberalization for the purpose of increasing competitiveness of local production and trade.

Representatives of Central Banks, International financial organizations and world’s leading Universities from more than 20 countries participate in the International conference, accredited diplomatic corps and international organizations, also, representatives of NGOs and the private sector, high rank officials of commercial banks in Georgia.