At present, many economists are of the opinion that emerging market assets, and especially currencies, are more fairly valued than they were at the start of the year. However, historical experience tells us that ‘overshoots’ can often happen, following adjustments similar to what has just been witnessed, and financial assets can face an extended period of volatility before settling around new ‘equilibrium’ values.
I wish the length of the road of Serbia and the NBS to the European Union and the European System of Central Banks depended on our performance because then we would get there in a record time! BIS Review 103/2008  1