4  BIS central bankers’ speeches  Let me attempt to illustrate this by citing some examples from global experience, including recent experience. Given the three objectives underlying the new trilemma, and the two-way directions in which they can interact, we have a total of six “cause and impact” bilateral interactions. I will consider them one by one.
What significance does a real income increase have without an increase in productivity? It is like buying goods on credit! And since, ultimately, someone always has to pick up the bill, the role of the “volunteer” will be assumed by the NBS through adapting the exchange rate, which means that all citizens of Serbia will be paying someone else’s bill.