While many scaled down the growth forecasts of their economies, Serbia outperformed all the projections owing to the impact of domestic factors, notably higher than projected investment. In the past two years alone, fixed investment increased cumulatively by close to 35%, accounting for three quarters of Serbia’s economic growth. The NPL ratio was cut to 4.1% at end-December!
Ernst Welteke: An institutional framework for monetary stability Opening speech by Mr Ernst Welteke, President of the Deutsche Bundesbank, at the first conference of the Monetary Stability Foundation, Frankfurt, 5 December 2002. *  *  *  Ladies and gentlemen I am very pleased to welcome you to the first conference held by the Monetary Stability Foundation.