The single monetary policy can provide a sound basis for economic growth and employment, but the degree to which the economic potential of the euro is realised depends first and foremost on accompanying stability-oriented fiscal and appropriate labour market policies. Let me start by elaborating on the role of monetary policy.
The 1.8% credit growth in 2015, in the face of maturing of RSD 110 bln worth of subsidized loans, was beyond our expectations. New investment loans were 2.5 times higher than in 2014, while a significant rise was recorded also for loans that were refinanced under much more favourable terms. We expect positive tendencies in the credit market to continue in 2016.