 zelo za to skupno prezentacijo, pa imam objezdu, da ga se gribe o objezda. Ya bila v Sovacije in sentariči, ali počeščo v vsem, jih mora se vzbi iz novom neshkrat, in da imamo taj na malo. Dublin je v Sovaciji, je vse z ipdu. in je tudi Evropija Unija, kaj je tudi prezencija v Ilandu v 2004-jih. To je tukaj, kaj je svoje historične reminicacije za Slovakie in Slovakie. Zvom, kaj je tukaj v Ilandu, kaj je tukaj tukaj s Slovakimi. To je nekaj nekaj, kaj je tukaj, kaj je tukaj, kaj je tukaj, kaj je tukaj, kaj je tukaj, kaj je tukaj, kaj je tukaj, kultu, v tem, da je ekonomične vsev, srštrije vsev, vzelo vzelo, da je vsev, z kajim, da se počeš. Veselim, da se vse vsev izgleda. Veselim, da se počeš, da se počeš, da se počeš, bo bili nekaj nekaj nekaj neželi. Zdaj zelo sem bilo v ničje kljenje, z kaj sem bilo vse tebe, ker mora tam zelo, da se počestimo. Zelo da se prišli na 3 elemenci. Jedno je, ker smo v euronie, bo bilo nekaj neželi, da si se pravimo vzlušati način vsakolikov in fiskov. Vse je izpravil, da sem tukaj izpravil. In izgledajte z njegov oznih števnjih, pridljanih, kod všakvosti pravajs, ko smo se vse vse na Slovensku perspektivu od trpnev EU in svoj tukaj pomembno. In izgledajte početno, kako smo se vse vse na Slovensku perspektivu izgledajte v Slovensku perspektivu. Tukaj, kaj je tukaj izgleda, nekaj je izgleda sovakija iskoda z vsej ekonomi. Zvom, da je tukaj izgleda izgleda izgleda. In da je zelo, da se si je zelo, da v sej tabu se zelo, da zelo izgleda, da je zelo, da je od vse izgleda. Vse nas je poločilo in zelo je bilo zelo. V sees nas je zelo, da je izgleda. Vse je zelo, da je od vse zelo, da je od vse izgleda. Vzvečenje, ki je z nami 2,3 % jezizna, ki jezizno se vzveč je iz vinterih ekonomijkov, odpovršenji v europejno obježenju. In izvečenju, ki jezizna, ki jezizna, ki jezizna, kaj jezizna, ki jezizna, ki jezizna, ki jezizna, kajzizna, kajzizna, ki jezizna, ki jezizna, Zame, da bolj je na Arlandu tudi gdp odrstavljali, zelo jezna, da jezna, kot jezna projekcija, in se v počke včasnev jezna, jezna jezna. Na različno gdp, načinštje govoril, jezna, da jezna gdp, jezna, da jezna, da jezna, da jezna, da jezna, da jezna, da jezna, da jezna, da jezna, slovakljev, ki je tukaj izgleda z EDP, z kaj je tukaj nekaj poslednji procedir. Slovakljev je tukaj v 2009, kaj je zelo v slovakljev, kaj je tukaj v Eurozone in EU. Tukaj smo počkali vse, kaj je tukaj nekaj poslednji EDP, kaj je tukaj poslednja, in drugi svoj zvon, da je nekaj zelo seznačen del, ki jaz sem pošli. Nama tudi tudi 3.3, 3.4 dolega je vseznačen, vseznačen, kaj smo nekaj obježili z komisem. Zato sem bilo vseznačen, z kajim vseznačenem v Brasov, in zelo vseznačen, zelo vseznačen, zelo vseznačen. V tom sem tudi tudi izgledaj, da se pristeljemo, da bi smo na 3 % tako še njih. Tako da bi smo vse, kot se dobišljali vzbih vzgledaj, konstrukčnjih vzbih drugi, dva, dve, dve veči vzbih, da mislili smo vzbih nas na težkoj, postavljali prizvim bar. Tukaj izgovoril, ki je v slabu, se lahko je poživljeni, nekaj ne razimelj so. Zelo je veliko vzpečen, kako z bavima, ko je vzpečen na ljubi, še jasno je veliko solizirala, zato je tukaj izgleda za poživljeni izgleda zelo. V Slovakiju je to ljubi je vzpečen 55, 56. Vznikam, da je v Sloveniji so počustil, da je to vs. v Stavku, ki so vsočil, na zelo, kako je vznik. To je zelo, da je 60%. Na različenh začinaj, kako je zelo, kako je zelo, kako je vznik, da je zelo, kako je zelo. Na različenh začinaj, da je zelo, tudi nekaj delovnih zelo na vsočenji. If you get at 55 lvl, the next year expenditures of the government have to be cut by 3% and if you hit 57% the next year the deficit has to be zero, which would mean if we hit 57% it's more or less a political suicide because we have to cut somewhere, in our case almost 3% of GDP, in je ti imačno načając. Kočni je več, ki smo zne, ki dela z Evropa counsel, je tukaj, da do reduženja vnjereh zvonja tajnjih, zelo se lahkaj potrebe 50% pa je to način politični lg. Zato vzičaj drožel, je lahko seznih. Druga v kapljenju ekonomizma, z koliža tudi na tvoj tabu, skupnjava vsi, kaj naredilo vsi, vsakih zbizernih, da vsak ali je tako, a ki očulim, tako, izgovoril je o ekonomizmanje in zredanje, na začetnih techniča in izgovoril je začeliščenje. Zdaj smo prišli včasnih, da sovakek ekonomi, kaj je tudi prišli in prišli revolucijo in prišli revolucijo. Sovakek je nekaj metologi produsor. Sovakek je nekaj produsor in nekaj nekaj nekaj nekaj nekaj nekaj revolucijo. Ači je da je mene treba in svojnji supportive soldatiar. En takimi bolj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj nekaj veseb. Izi so dobilo z Foremsko, kaj si je osoveni sovakev, tudi na nekaj nekurganih 하�jeric, prejozitro, iProx. To je velik zelo džavek ekonomiji, ki je tudi od drugih več glasba. Da je veliko vzenačil obližen ekonomiji, ki je tudi pohledali in vjev 2006 in 2010. Zelo tudi je veliko glasba in je, ki so našli 10 njih glasba, v Slovakim glasbi s 5% glasba per se. To je, da so da, nekaj, taj nekaj, taj, taj, taj, taj, zelo, taj, zelo. In je bil veliko vse prej, da sem, da je vse, taj, izgledaj na informacijno, komunikacije, začnem, je začela, da se veti vse, da je vse, da se vse, da je vse, ekonomi in inovitivih industrij, ki so pripraviti na nekaj čednih lebroforov, z njim, način, na njim svoj, in na nekaj nekaj pravih idejo. Vse je to zelo inšljaj, da je to čelne, če je pačno sputila, kaj je ekonomik, vse začne, As you can see, we have moved just 10 years ago when we were entering the European Union, in terms of GDP level was around 57% of EU, we were able to grow in those 10 years to almost 76%. So quite a strong economy grows and getting closer to the EU average. So hopefully we will catch up at some point in Ireland, so we will see. And this is a kind of comparison of Ireland, Slovakia and EU 28. We can see the strong growth, especially as I already mentioned those years, 2004, 2008, and then the major fall and economic decline, especially in 2009, and then gradual recovery, which is now becoming much more obvious. A few things about the process of integration and successes as well as failures. As I already mentioned, we joined the European Union in 2004. Then we entered into the ERM mechanism as a first step towards entering Eurozone, accession to the Schengen area, entering Eurozone in 2009. So we are also celebrating five years of our membership in the Eurozone. And we will have presidency of the EU in the second half of 2016, for which we are also preparing now because, as you know from your experience, it's quite a heavy duty exercise. In terms of our successes, we believe that our membership in the European Union has thus to stabilize our democratic institutions. It was a major impulse to the economic and social development, and certainly the use of the EU funds were critical elements for public investment. And today, basically the EU funds represents about 75% of our public investments, so this is a critical element in moving the economy forward. This is comparison with the so-called Visegrad four countries. So these are our main neighbors and, in a way, peer countries, meaning Hungary, Poland, as well as Czech Republic. As you can see, Slovakia is the blue line, and it shows that we are really the tiger growing faster than the other three. Poland is another country that is very dynamically developing and really growing each year. Czech Republic, as you can see, was more or less stagnating in terms of its economic growth, and Hungary has also experienced some growth, but recent years were not the best. So we have, and I think this is special when looking at the fact that part of Czechoslovakia and the less developed part of Czechoslovakia, the fact that the developments during the years of separation after 1993 have shown that Slovakia was really able to grow economically and get closer in terms of its economic performance and GDP to the level of the Czech Republic. Some of the challenges, as far as euro area is concerned, I think it's a good sign that some new countries are joining. Latvia, as you know, is a member of the eurozone since January 1. Lisvenija most probably is to become the new member starting January 1. Next year. As for the countries who are our peer group, Czech Republic, Hungary, Poland, it's not clear, and it's certainly part of their decision when they want to enter, at which point, but certainly we believe that the worst time of eurozone is over. You may remember the second half, end of 2012, a lot of discussion because of Greece and Spain, et cetera, about the collapse of eurozone, about different type of exits of countries. We believe that now we are in a different shape and that we have a situation where eurozone is a sustainable part of the international construct. Of course, these changes which have happened in eurozone but also within the European Union are profound and they are especially in the area of greater integration in the monetary and fiscal areas. We all, in your dimension at the very beginning, that the banking union is one of the key areas of such integration. We have been together with other countries around the table discussing those issues, related to the three pillars of the banking union, meaning single supervisory mechanism, single resolution mechanism, as well as deposit guarantee scheme. I'm sure that you have heard already a lot about those elements. So I'll just mention some of the issues that were important for us from this perspective. Basically, our banking sector is characterized by the fact that it is, I would say, 95% of our banking sector, financial sector is owned by foreign banking institutions, mostly from Austria but also from Italy, from Germany. And this, of course, has an impact also on how we look at the banking union. We, as Slovakia, we have gone through the process of cleaning the balance sheets of our banks in 2001, when we actually spent 12% of our GDP on recapitalization of these banks and also on their privatization. So currently we are in a situation where our banks are healthy, we don't see any major problems, and that's why we are not counting on much help from the banking union, or we don't see this as a mechanism that should be needed for the Slovak banking sector. Our main interest, especially when looking at the creation of the single resolution mechanism and single resolution fund, was to, on one hand, to protect our taxpayers in the sense that we strongly believe that any banks who would need help from the single resolution fund and from the mutualized parts of the resolution mechanism that the first step should be so-called bail-in process where the shareholders and the bondholders, et cetera, should contribute to the improvement of the situation of the bank only after that the public service should be available. So the bail-in element is very critical for us and most part of our position during the negotiations about the banking union. Also our next priority was to protect as much as possible any negative impacts and to protect the national budget. That's why as far as the construct of the single resolution fund is concerned, we were for the creation of the national compartments and we were also, rather for slower mutualization of the funds because we believe they do create a certain level of moral hazard through the mutualization process. As you know, as part of the trialogue and as a result of the discussions in the European Parliament, the process of creating the single resolution fund was shortened to eight years and the process of mutualization was frontloaded so there is a quick and process of mutualization in the first two years or three years. We understand this is part of the compromise so we are not frankly very happy with this outcome. And we are as a country which is as I already mentioned in the beginning where most of the banking sector is owned by cross-border banking institutions such as Erste, Rifeisen, et cetera. We are very much interested in making sure that any cross-border bank resolution so if any of these groups would need any capital support in your capitalization it should be done at the expense of the subsidiaries which are healthy. And because we believe that our subsidiaries or banks in Slovakia are healthy we believe that such burn sharing should be done based on the risk-asset or risk-weighted asset approach. And this is what we are kind of pushing as part of the intergovernmental agreement process where we were pushing this type of approach for any cases of cross-border banking resolution. We can discuss more if we have questions later on but I just want to show some of the key elements. Now looking into the future we do believe that the creation of the banking union should not be the end of the process of the integration within the monetary union. We believe that we need to move further part of that should be creating a fiscal capacity for the eurozone, a kind of eurozone budget. Of course there are many questions how to create such a budget what should be the sources of the revenue for such fund. We are open also to the possibility of issuing euro bonds. Our key issue is that we believe that such budget should have counter-cyclical focus. It means any policies or areas that should be supported from such budget should focus on counter-cyclical issues such as unemployment, social policies, etc. As part of this we were not very happy frankly with so called contractual arrangements as they were originally suggested because it was not clear why there should be some limitations for the policies of the governments without making clear what those arrangements should cover and what would be the positive impact on the countries. We can talk again longer about this but in general we are in support of further integration and we believe that we need to identify such areas of integration which would help the countries to get out of the situations when they are in difficult economic situation. I think there was some discussion I don't want to go into too many details of those elements of kind of eurozone discussions about so called exante coordination of economic reforms. Again I think within eurozone space this is something that needs to be discussed as part of the integration of economic policies but this is a kind of ongoing process. Now to kind of bring my presentation to the closure where we see our key challenges in the economic and fiscal area as I already mentioned we want to put the economic progress on more sustainable paths especially focused on creating new innovative economy. One of the problems, challenges we have is what are the sources of the internal investment due to the austerity measures and deficit cutting, the possibilities of the national budget are very limited for the investment expenditures. Also as I mentioned we have this debt clause so we could borrow relatively well and we have the cheapest financing in sova history on the international markets but because of the constitutional debt we cannot borrow. So we are kind of looking at ways how we can help through this stimulating investment into domestic economy and that's why what we have decided to do what the government decided to do is to use EU funds in an innovative way by allocating stem percentage of the future EU funds which will be coming to Slovakia between 2014-20 we are supposed to receive around 14 billion euro during that time until now most of the funds were used for basically one time transfers grants and so on so now the decision was taken to allocate initially but this could grow initially 3% of this amount into so called investment holding which is a quasi sovereign fund which will focus on investments into infrastructure SME development and new startups and part of the role will be to leverage these funds also with private sources another big issue for us is the unemployment we have almost 14% unemployment in Slovakia this is very much a structural unemployment just to give an example even in the year 2008 if you remember Slovakia was at that time growing by almost 10% the unemployment was more than 8% so this is a structural unemployment which is part related to that switch from the socialist economy to the modern economy to the regional differences in Western Slovakia which still exist as well as to quite a large Roma population which is quite difficult in terms of integrating into the labour market so dealing with this level high level unemployment is certainly a major challenge for us I could go through all these country specific recommendations which you know from this semester that this will be too much of details I think that I have covered most of the key issues that I did want to mention and I would rather stop here if you agree Mr Chairman I would open up questions or comments and thank you for the attention of course well thank you very much for that presentation