1 Rather than de-euroization, I therefore call this – the agenda of dinarization. 1  The post-crisis period offers a fairly predictable macro-environment with low inflation. Many bank clients are now acutely aware of the FX risk and so are the banks of the implied indirect credit risk to their balance sheets.
Nevertheless, a number of upward risks to the outlook for price stability have emerged over recent months. Risks are mainly associated with oil price developments, possible renewed increases in indirect taxes and administrative prices, and potential second-round effects stemming from wage and price-setting behaviour. Further indications for the medium-term outlook are provided by the monetary analysis.