The analysis further shows that the impact of the COVID-19 crisis on the behaviour of non-residents in Serbia was much weaker than in comparable emerging markets, which testifies to increased resilience of the domestic economy to external shocks and volatility of global capital flows. (Slide 8) Lenin said that “There are decades where nothing happens; and there are weeks where decades happen”.
To overcome the problem of imbalances caused by globalization and fundamentally improve the global capacity to withstand vulnerability requires the establishment of a new equitable and reasonable international economic and financial order. In addition, the IMF needs to preserve a balance in overseeing the public and private sectors because in most cases market volatility is the result of the interaction between the two.