5  An analysis undertaken by experts from the EBRD and IMF has identified the macroeconomic environment – low volatility of exchange rate relative to volatility of inflation – combined with hysteresis and bad memory as the main source of high euroization in Serbia. (See the forthcoming EBRD Working Paper by Chailloux, Ohnsorge, and Vavra.)
BIS Review 126/2010  3  In the coming months even more attention will be paid to consumer protection. Our goal is to increase the risk awareness of banks’ clients and to improve basic financial literacy. The NBS has launched a public educational campaign through a series of FX hedging conferences and a page at our website.