NATIONAL BANK OF SERBIA  Аddress by the NBS Governor at the opening ceremony of the China Financial Technology Forum 4 September 2022, video format  Dr Jorgovanka Tabaković, Governor  Belgrade, August 2022  Esteemed hosts and participants in the China Financial Technology Forum, A year has passed since the previous forum and while our topic has remained the same: New age, new finance, new technologies, the conditions in which we live and work have changed significantly.
Non-conventional policies – based on issuing monetary liabilities in the form of fiat money – could be used, but their effectiveness would be limited. Either the central bank has a large amount of assets relative to the sovereign debt, or the zero lower bound has to bind for an unrealistically long time.