NBS interventions (LHS)* EUR/RSD exchange rate (RHS)**  A further decline in interest rates on dinar corporate loans and acceleration of lending in the function of supporting economic activity, with the share of non-performing loans falling below the pre-crisis level In an environment of low inflationary pressures, past monetary policy easing by the National Bank of Serbia led to a further decline in the costs of dinar borrowing, while interest rates on all types of dinar corporate loans fell to new lows in December.
Moreover, while euro area economies have different fiscal constraints, fiscal measures should be actively pursued in countries where fiscal space is available. Such measures should be aimed at growth-enhancing public investment. In this endeavour, further development of the euro area financial architecture plays an important role. We need to finalise the Banking Union and make true progress with the Capital Markets Union.