Spillover effects of non- standard monetary policy measures and of future monetary policy normalisation on Serbia

Nikolić, Ivan (2019) Spillover effects of non- standard monetary policy measures and of future monetary policy normalisation on Serbia. Bančni vestnik, 68 (11). pp. 56-61. ISSN 0005-4631

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Abstract

Unconventional monetary policy in the EU and other advanced economies has had no negative impact on Serbia so far. With respect to its inevitable consequences, especially on interest rates, it is assessed that the key risks in the period ahead will emanate from the international environment and, as such, may affect the monetary policy stance. These risks far outweigh the expected monetary normalisation. Hence, as so far, monetary policy will be predictable and consistent in delivering low and stable inflation in the medium run, which will, along with the preservation of financial stability, contribute to sustainable economic growth and strengthening of resilience to external uncertainties. Over the past years, the country has fully transformed its economy for the better. Foreign investors have shown huge interest there. We point out the important development potential in the medium run and the unique opportunities resulting from Serbia’s accession to the EU, issues strongly dependent on the acceleration of structural reforms.

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