Large firms for example tend to borrow directly on capital markets, issuing corporate bonds, and this market for corporate bonds have been doing very well in terms of prices and new volumes. We also see that, on their asset side, euro area firms have accumulated more than two trillions in liquid assets, largely reflecting precautionary savings and reluctance to invest.
The subject of analysis will be six work areas in the competence of the National Bank of Serbia. They will be thoroughly examined by experts from the European Central Bank and 17 partner central banks involved in the project over the next nine months, by the end of May of 2009.