National Bank Governor Anita Angelovska-Bezhoska warned that rising trade barriers could negatively impact global economies, particularly those in Central and Southeastern Europe that are highly integrated into world trade, during a round table at the Faculty of Economics in Osijek. The event was part of the Regional Meeting of Central Bank Governors, with an introductory presentation by Piero Cipollone of the European Central Bank (ECB).

ECB analysis suggests that if the United States imposes 25% tariffs on imports from Europe, European economic growth could decrease by 0.3 to 0.5 percentage points in the short term. Reciprocal tariffs from the European Union could further increase Eurozone inflation by approximately 0.5 percentage points. Due to strong trade ties with the EU, the Central and Southeastern Europe region could experience spillover effects.

Angelovska-Bezhoska stressed the need for careful macroeconomic policies and structural reforms to strengthen the resilience of regional economies to external shocks and promote income convergence.

The meeting also addressed the importance of cross-border payment reforms to boost trade and economic growth. Regional membership in the Single Euro Payments Area (SEPA) could create a faster, more efficient, and lower-cost payment system, enhancing the competitiveness of regional economies.

Other participants in the governor’s round table included Boris Vujčić (Croatian National Bank), Primož Dolenc (Bank of Slovenia), Irena Radović (Central Bank of Montenegro), and Jasmina Selimović (Central Bank of Bosnia and Herzegovina).