For this reason, I will not elaborate on these issues and will turn next to an assessment of the measures taken by governments to support the banking system and on necessary reforms to strengthen its stability and resilience. The support that has been provided by governments to the European banks has been substantial.
The managed floating exchange rate regime significantly buffered the external shock which Serbia experienced in the last quarter of 2008, when the first wave of the global financial crisis spilled over to our country. In 2009, compared to other countries in Central and Eastern Europe, Serbia’s GDP shrunk the least (3.5%).