Supporting the recovery: the Governing Council’s decisions in December Our monetary policy has been a key contributor to the positive economic developments I have described. Our measures have worked through the financial system and are benefiting the real economy at large by ensuring very favourable financing conditions.
2  BIS central bankers’ speeches  Though the share of public debt in GDP in Serbia is lower than in many other European countries, it has reached the prudent limit of 45% as laid down by the fiscal rule (as defined by the Law on the Budget System) and this created the need for valid fiscal consolidation.