I use the word “capacity” because the value of the dinar was preserved owing to greater effectiveness of the National Bank of Serbia’s interventions in the foreign exchange market, whereas overall stability was attained through full coordination of monetary and fiscal policy BIS central bankers’ speeches  1  measures.
The Governing Council therefore calls upon governments to decide and implement in a timely fashion ambitious fiscal exit and consolidation strategies based on realistic growth assumptions, with a strong focus on expenditure reforms.” The predicament in the euro area should have given enough warning to the United States, the United Kingdom, and Japan in consideration of their own severe fiscal conditions.