Macroprudential policy responsibilities lie in the first place with the national authorities, but the SSM Regulation assigns some macroprudential tasks also to the ECB. In particular, the ECB may decide on stricter measures than national authorities, using the counter-cyclical buffer or other macro-prudential tools provided for by the EU legislation.
Price stability – Last time Serbia recorded a 4.4% rate inflation was in the bygone 1963. In the meantime, we have grown so used to the abnormal inflationary environment manipulated by the state to cheat on its citizens and to scoop additional tax revenue that it feels almost strange now that inflation is suddenly gone.