For that particular reason my third message would be that the NBS has a limited impact on the real exchange rate in the longer run, and can have a significant influence only in the short run. Adoption of alternative exchange rate regimes cannot resolve the problem of the real exchange rate.
It is, of course, my intention to also tackle on this occasion the other aspect of macroeconomic policy – fiscal policy. It deals with tax revenue which the state can extract from the economy and the amount of money it must spend.