The worldwide conquest of inflation has been an outstanding achievement which has substantially increased social welfare and eliminated a common source of banking  12  For example, the Law establishes that the primary objective of the Bank of Mexico is “to maintain the purchasing power of the currency,” and two other ends are “to promote the healthy development of the financial system and to procure the good functioning of the payments systems”.
First, it was the successful resolution of the legacy of NPLs that enabled banks in Serbia to face this crisis with balance sheets almost cleared of NPLs and with enhanced practices of preventing new NPLs. During this crisis the quality of banking sector assets has been preserved, with the share of NPLs staying below 3.5%, which is lower than pre-pandemic.