Looking at the year behind us, I am pleased to say that 2019 as well was marked by positive economic trends and prospects, despite the slowdown in global economic growth and ongoing trade and geopolitical tensions. This is first and foremost the result of an adequate and consistent economic policy that we are pursuing in Serbia.
[23] At a qualitative level, there is similar evidence for the euro area: ECB monetary policy easing reverberates globally by spurring euro-denominated loans outside the euro area. For instance, Chart 9 shows that the growth of euro-denominated credit to borrowers outside the euro area has outpaced that of US-dollardenominated credit to non-US borrowers in recent years.