These actions, including greater transparency around our stress testing models and greater flexibility in our stress testing process for smaller firms, represent innovations that I believe help to improve the effectiveness and efficiency of supervision. Future Innovation in Stress Testing As we look to the future, the Fed must continue to innovate so that stress testing remains effective.
Inflation in Serbia has remained relatively low and equalled 0.4% year-on-year in April. As expected, disinflationary pressures prevailed on account of domestic factors, though they were unexpectedly strong from price movements in the international environment.