Guaranteeing continued access to bank credit is vital for SMEs to be able to finance their activities. The second characteristic is the role of the housing market in the crisis. In the United States, the housing market is at the epicentre of the crisis. This is not true for the euro area.
*  *  *  Dear ladies and gentlemen, honoured guests, On this day, exactly 121 years ago, the Privileged National Bank of Serbia obtained the licence to operate as Serbia’s central banking institution in charge of domestic money, or, to cite the words used in the Law on its foundation, the bank has been founded “with a view to upgrading trade and economy in the Kingdom of Serbia by means of inexpensive capital and well-regulated credit.” Celebrating its anniversary, the National Bank of Serbia has enriched its museum exhibition of the numismatic collection of coins and banknotes that originated and have been in use on the territory of Serbia since the seventh century B.C.